Hess divests Norway assets for $2 bln

NEW YORK, October 24, 2017 – Hess Corporation has agreed to sell its oil and gas assets in Norway to Aker BP for USD 2 billion, Hess announced on Tuesday.

The company is also in the process of divesting its interests in Denmark, the press release added. The news came a day after Hess reportedly agreed to sell its assets offshore Equatorial Guinea.

“With the continued success of our asset sale programme, we are focusing our portfolio on higher return assets and reducing our breakeven oil price,” CEO John Hess said. “Proceeds from these asset sales, along with cash on the balance sheet, will prefund development of our world class investment opportunity in offshore Guyana, where we have participated in one of the world’s largest oil discoveries of the past decade – positioning our company to deliver more than a decade of cash generative growth and significant value for our shareholders.”

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