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Hess to sell stakes in Permian Basin assets for $600m

by Andrea Waitrovich

Hess Corp. has sold its stake in enhanced oil recovery assets in the Permian Basin for $600 million to Occidental Petroleum Corp.

The deal includes Hess's 34.2 percent interest in the Seminole-San Andres Unit and the 46.6 percent stake in the Seminole Gas Processing Plant in Texas, the 100 percent stake in the West Bravo Dome C02 field in New Mexico and the 9.9 percent interest in the Bravo Dome unit in New Mexico.

The deal is expected to close on Aug. 1.

The deal comes on the heels of Hess's announcement it will join Exxon in assembling a massive deep-water project off the coast of Guyana. Exxon Mobil Corp said on Friday it and partners would spend $4.4 billion to develop the megaproject.

 

The Guyana announcement from Exxon and partners Hess Corp. and CNOOC was the fifth deepwater project to gain approvals this year, according to Reuters. Recently, BP Plc and Reliance Industries announced plans to spend $6 billion to develop natural gas reserves off the Indian coast.

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