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Hess looking to sell E&P assets in Indonesia, Thailand

Hess Corp. wants to divest its exploration and production assets in Indonesia and Thailand where it also is trying to sell its remaining downstream businesses, including terminals, retail, marketing, and trading divisions.

In Thailand, Hess operates onshore Sinphuhorm gas field with a 35% interest. Offshore Indonesia, Hess is a partner with Kuwait Foreign Petroleum Exploration in Pangkah gas field. Hess also has 100% interest in deepwater block Semai V offshore Indonesia.

In other news, Hess closed its sale of Russian subsidiary Samara-Nafta to OAO Lukoil for a $2.05 billion. The after-tax proceeds to Hess, based on its 90% interest in Samara-Nafta, were $1.9 billion.

So far this year, Hess has announced asset sales amounting to $3.5 billion. As previously announced, the company is repaying debt and strengthening its balance sheet.


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