Hess, Shell swap North Sea, Gabon assets

Hess Corp. has acquired Shell's 28.09% interest in the Valhall field and its 25% interest in the satellite Hod field.

Offshore staff

NEW YORK -- Hess Corp. has acquired Shell's 28.09% interest in the Valhall field and its 25% interest in the satellite Hod field. In return for these North Sea assets, Shell will acquire Hess' 9.29% interest in the Clair field (UK North Sea) and all of the company’s interests in Gabon, including the Rabi Kounga (10%), Atora (40%), and Toucan fields (50%), and the Ozigo exploration permit.

The transaction is scheduled for completion in 1Q 2010..

“This strategic trade provides us with an opportunity to consolidate our portfolio and double our interest in Valhall/Hod, a long-lived producing asset with significant reserves and potential, which will further support our long-term objective of profitably increasing our reserves and production,” says Greg Hill, president of worldwide exploration and production for Hess.

12/21/2009

More in Company News