Oil and gas company Hess Corporation has completed the sale of its 28% working interest (WI) in the Shenzi field for a total consideration of $505m.
BHP Billiton, the operator of the field, is the buyer of the WI. The deal brings BHP’s working interest in the field to 72%. The deal was initially signed in last month. Shenzi is a six-lease development located in the deepwater Gulf of Mexico. The field is now structured as joint ownership between BHP (72%) and Repsol (28%).
Hess CEO John Hess said: “This transaction brings value forward in the current low price environment and further strengthens our cash and liquidity position. Proceeds will be used to fund our world-class investment opportunity in Guyana.”
In the first eight months this year, the field added approximately 11,000boepd of production…
