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    Hess completes Shenzi divestment

    Nov. 6, 2020
    Hess Corp. has completed the sale of its 28% working interest in the Shenzi field in the deepwater Gulf of Mexico to BHP for $505 million.
    Related To: Hess
    (Courtesy BHP)
    The Shenzi TLP is installed in about 4,300 ft (1,300 m) of water on Green Canyon block 653.
    The Shenzi TLP is installed in about 4,300 ft (1,300 m) of water on Green Canyon block 653.

    Offshore staff

    NEW YORK – Hess Corp. has completed the sale of its 28% working interest in the Shenzi field in the deepwater Gulf of Mexico to BHP for $505 million.

    CEO John Hess said: “This transaction brings value forward in the current low price environment and further strengthens our cash and liquidity position. Proceeds will be used to fund our world class investment opportunity in Guyana.”

    The transaction brings BHP’s operated interest to 72% and adds about 11,000 boe/d of production (90% oil). Repsol holds the remaining 28%.

    11/06/2020

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