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Hess Corp. Closes $1 Bln Sale Of Stake In ACG Fields To ONGC Videsh

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Hess Corp (HES: Quote), an independent energy company on Thursday said that it has completed the sale totaling $1 billion of its 2.72 percent stake in the Azeri, Chirag and Guneshli Fields and its 2.36 percent stake in the associated BTC pipeline to ONGC Videsh Ltd.

John Hess, Chairman and Chief Executive of Hess, stated, "This sale is another step in the execution of our strategy to become a more focused, higher growth, lower risk pure play exploration and production company, the after tax net proceeds from this sale will be used to pay down an equivalent amount of short term debt."

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by RTT Staff Writer

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