Hess Finalizes Transaction for North Sea Pair
Hess announced the completion of two transactions that bring Hess' interests in a pair of Norwegian North Sea offshore fields, Valhall and Hod, to 64.05 percent and 62.5 percent respectively.
On Sept. 29, Hess and Shell concluded a strategic trade in which Hess assumed Shell's 28.09 percent interest in the Valhall field and 25 percent interest in the satellite Hod field. In return, Shell assumed all of Hess' interest in the Clair field (UK North Sea) and in Gabon. Earlier this month, Hess completed the acquisition of Total's 7.85 percent in Valhall and 12.5 percent in Hod.
Greg Hill, President of Hess Worldwide Exploration and Production, said, "These transactions help us consolidate our portfolio while increasing our share in Valhall/Hod, which has significant growth potential in both reserves and production."
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