Hess sells off ACG stake for $1bn

Sold: Hess sells ACG stake

BP

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Luke Johnson

 07 September 2012 20:14 GMT

US producer Hess said on Friday that it has agreed to sell its stake in three offshore fields and an associated pipeline in Azerbaijan to India's Oil & Natural Gas Corporation for $1 billion.

Hess will unload a 2.72% interest in the Azeri, Chirag and Guneshli (ACG) fields as well as its 2.36% interest in the BTC pipeline to ONGC Videsh, the Indian giant's foreign investment arm.

"The sale of our interest in ACG is consistent with our strategy to divest mature and small working-interest assets,” said Greg Hill, president of worldwide E&P for Hess.

The sale brings Hess' total divestments this year to nearly $2 billion, part of what Hill called "strategic portfolio reshaping”.

UK supermajor BP operates the ACG fields, which are located…

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