Hess Reaches Agreement for Sale of UK Assets
Hess Corporation (NYSE: HES) today announced it had reached agreement
with Royal Dutch Shell to sell its 15.67 percent interest in the
BP-operated Schiehallion field, its associated share in the Schiehallion
Floating, Production, Storage and Offloading vessel (FPSO) and the West
of Shetland pipeline system. The sale is subject to regulatory approval
and is expected to complete later this year.
The Schiehallion field is located in blocks 204 and 205, approximately
175 kilometres west of the Shetland Islands, off the Scottish coast.
Hess has been a partner in the project since it was sanctioned by the UK
Government in 1996. The FPSO has been in service since production began
in 1998. Construction of a new FPSO is underway and is expected to start
production in 2016.
Greg Hill, President, Worldwide Exploration & Production said, 'This
sale is part of our company′s portfolio management and optimization.
Selling these non-operated, non-core assets will help us sustain the
profitable growth of our production and reserves.'
Hess Corporation, with headquarters in New York, is a global integrated
energy company engaged in the exploration, production, purchase,
transportation and sale of crude oil and natural gas, as well as the
production and sale of refined petroleum products. More information on
Hess Corporation is available at www.hess.com.
Cautionary Statements
This news release contains projections and other forward-looking
statements within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934.These
projections and statements reflect the company′s current views with
respect to future events and financial performance.No assurances
can be given, however, that these events will occur or that these
projections will be achieved, and actual results could differ materially
from those projected as a result of certain risk factors.A
discussion of these risk factors is included in the company′s periodic
reports filed with the Securities and Exchange Commission.
Hess Corporation
Investor:
Jay
Wilson, 212-536-8940
or
Media:
Jon
Pepper, 212-536-8550
