Hess Completes $650M Sale of Pangkar Asset to PT Saka Energi Indonesia
Hess Corporation disclosed Friday that it has completed the previously announced sale of its Pangkah asset in Indonesia's East Java Sea to a subsidiary of the country's natural gas distribution and transportation company PT Perusahaan Gas Negara's unit PT Saka Energi Indonesia, which exercised its pre-emption rights, for a total after tax consideration of $650 million comprising the sale of equity interests in certain holding entities and certain inter-company debts.
The asset, located off the coast of Indonesia, produced an average of 9,000 barrels of oil equivalent per day net to Hess in the first three quarters of 2013.
Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Operates 4 Offshore Rigs
- Hess Cutting Hundreds of Workers As It Battles Activist Investor (Jan 16)
- ExxonMobil Reports More Offshore Guyana Success (Jan 05)
- About 75,000 Bpd Of Gulf Oil Output Still Shut After Shell Fire (Nov 15)
Company: PT Perusahaan Gas Negara more info
- Indonesian Gas Firm PGN to Double Capex to $1.2B for 2014 (Feb 06)
- Hess Completes $650M Sale of Pangkar Asset to PT Saka Energi Indonesia (Jan 13)
- Indonesian Government Gives Nod for Pertamina to Acquire PGN (Jan 13)