Hess to sell assets in Indonesia, Thailand

Sale plans: Hess chief puts southeast Asian assets in shop window

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Bill Lehane

 04 March 2013 12:44 GMT

US independent Hess Corporation has said it plans to sell its assets in Indonesia and Thailand as part of an ongoing transformation to a “pure play E&P company”.

Hess operates the Sinphuhorm gas field onshore Thailand on a 35% stake with partners Apico (35%), PTT Exploration & Production (20%) and ExxonMobil (10%).

The US independent also holds a 75% operatorship stake in the Pangkah gas field off Indonesia, where it its partnered by Kuwait Foreign Petroleum Exploration, as well as a wholly-owned deep-water block, Semai V, off Indonesia.

Chief executive John Hess said the latest sales would add to ongoing efforts to refocus the explorer on high-growth, low-risk assets.

He predicted the US independent would see compound annual growth rates of between…

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