Hess increases share in Tubular Bells

By OGJ editors
HOUSTON, Oct. 1 -- Hess Corp. has agreed to acquire an additional 20% interest in the Tubular Bells oil and gas field in the Gulf of Mexico from BP PLC for $40 million and will become the operator.

The increased ownership will bring Hess' working interest in Tubular Bells to 40%. Chevron holds a 30% interest and BP will retain 30%. The deal is conditioned upon regulatory approval.

Tubular Bells, which was discovered in 2003, is a deepwater field about 135 miles southeast of New Orleans.