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ONGC confirmed as ACG fields partner

Offshore staff

NEW YORK – Hess (NYSE: HES) has completed the sale of its 2.72% interest in the Azeri, Chirag, and Guneshli fields (ACG) offshore Azerbaijan to ONGC Videsh.

The deal, which also takes in Hess’ 2.36% stake in the associated BTC oil export pipeline, is valued at $1 billion.

The BP-operated ACG fields are 100 km (62 mi) east of Baku in the Caspian Sea, and have been in production since 1997.

4/1/2013

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