Hess closes on $650 million sale of Pangkah asset in Indonesia

Hess Corp. has completed the sale of its Pangkah asset to a subsidiary of PT Saka Energi Indonesia, which exercised its preemption rights, for $650 million.

The deal encompasses the sale of equity interests in certain holding entities and certain intercompany debts.

Hess said the asset, which lies offshore Indonesia, produced an average of 9,000 boe/d net to Hess in the first three quarters of 2013. The company was a partner with Kuwait Foreign Petroleum Exploration in the asset.

Hess last month entered into two separate agreements to sell its interests in the Pangkah and Natuna A assets, the latter of which also is off Indonesia, for $1.3 billion (OGJ Online, Dec. 2, 2013).

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