Hess Increases Stakes Offshore Norway



Hess Corporation has seized interests in the Valhall and Hod fields offshore Norway, pre-empting Total's sale to BP. Hess will gain additional interests of 7.85% in Valhall and 12.5% in Hod for a sum of US $496 million in cash. Together, with the previously announced trade between Hess and Shell, the transaction will bring Hess' interest in Valhall and Hod to 64.05% and 62.50%, respectively. Both dealings are subject to approval by authorities and are expected to close near the end of the third quarter.

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