OGJ Newsletter

09/17/2012
GENERAL INTEREST — Quick Takes Hess to sell interests to ONGC for $1 billion Hess Corp. reported it will sell its 2.72% interest in the Azeri, Chirag, and Guneshli (ACG) fields in Azerbaijan and its 2.36% interest in the associated Baku-Tbilisi-Ceyhan (BTC) pipeline to ONGC Videsh Ltd. (OVL), the overseas arm of India's state-owned Oil & Natural Gas Corp., for $1 billion. The transaction, expected to close in first-quarter 2013, is subject to Indian and other government and regulatory approvals. The BP-operated ACG fields, in the Caspian Sea 100 km east of Baku, started production in 1997. "The sale of our interest in ACG is consistent with our strategy to divest mature and sma...
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