Hess to sell Thailand assets for $1 billion

Hess Corp. has sold its interests in Thailand’s Sinphuhorm and Pailin fields to PTT Exploration & Production PCL (PTTEP) for $1 billion, effective July 1, 2013.

The two assets produced a combined average of 17,000 boe/d net to Hess in 2013. The company disclosed its plans to sell assets in Thailand and Indonesian in April 2013 (OGJ Online, Apr. 30, 2013).

In December, Hess entered into two separate agreements with a joint venture of PT Pertamina and PTTEP to sell its interests in the Pangkah and Natuna A assets offshore Indonesia for $1.3 billion (OGJ Online, Dec. 2, 2013).

Both sales are part of a large-scale divestiture Hess undertook last year with the purpose of repaying the company’s debt and strengthen its balance sheet.

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