By OGJ editors
HOUSTON, June 22 – Hess Corp. will increase its interests in Valhall and Hod oil fields in the Norwegian North Sea by exercising its right to preempt the purchase by BP of interests now held by Total.

Subject to regulatory approvals, Hess will pay $496 million in cash for a 7.85% interest in Valhall field and a 12.5% interest in Hod.

After the transaction, it will hold stakes of 64.05% in Valhall and 62.55% in Hod.

In a separate deal announced late last year, Hess doubled its interests in the fields in a noncash swap with Royal Dutch Shell for holdings in Gabon (OGJ Online, Dec. 21, 2009).