Hess Corp. has sold its interests in both the Sinphuhorm and Pailin fields located in Thailand to PTT Exploration and Production Public Co. Ltd. (PTTEP) for a total after-tax consideration of $1 billion.
Offshore staff
NEW YORK – Hess Corp. has sold its interests in both the Sinphuhorm and Pailin fields located in Thailand to PTT Exploration and Production Public Co. Ltd. (PTTEP) for a total after-tax consideration of $1 billion.
Together, the two assets produced an average of 17,000 b/d to Hess in 2013.
Hess will use the proceeds from this sale to continue repurchasing shares under its existing $4 billion authorization.
