BHP , operator of Shenzi field in the deepwater Gulf of Mexico, agreed to acquire Hess Corp.’s 28% working interest in the field for $505 million.
Shenzi, a six-lease development, produced an average of 11,000 net boe/d (90% oil) in the first 8 months of 2020.
Structured as a joint ownership, BHP currently holds 44% with partners Hess (28%) and Repsol SA (28%). The acquisition would bring BHP’s working interest to 72%.
The transaction, subject to customary closing conditions, is expected to close before yearend with an effective date of July 1, 2020.
