Hess and Oxy in Permian deal

USA

HOUSTON, June 19, 2017 – Hess Corporation and Occidental Petroleum on Monday announced a USD 600-million deal for a stakes in enhanced oil recovery (EOR) assets in the Permian Basin.

The transaction covers Hess’ interests in the Seminole-San Andres Unit and Seminole gas processing plant in Texas. The deal also extends to assets in New Mexico; the West Bravo Dome CO2 field and Hess’ 9.9% non-operated stake in the Bravo Dome unit.

In a separate press release, Oxy said it would be divesting “non-strategic acreage in Andrews, Martin and Pecos Counties” to raise the proceeds for the transactions. The deal with Hess is expected to add some 3,500 boepd in production.

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