Hess lifts stake in Norwegian fields

Hess has exercised its right to pre-empt Total's sale to BP of its interests in the Valhall and Hod fields in the Norwegian North Sea.

Offshore staff

HOUSTON -- Hess has exercised its right to pre-empt Total's sale to BP of its interests in the Valhall and Hod fields in the Norwegian North Sea. As a result, Hess will gain a further 7.85% stake in Valhall and 12.5% in Hod for a cash consideration of $496 million.

Following an earlier strategic trade with Shell, this transaction will lift Hess' interests in Valhall and Hod to respectively 64.05% and 62.5%.

Both transactions are due to close this summer, subject to approvals from Norwegian authorities.

06/21/2010

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