Hess to sell Azerbaijan oil field assets to Indian firmSeptember 10, 2012 - 11:16 AMT PanARMENIAN.Net - Hess Corp., an energy company, said it has agreed to sell its interest in Azerbaijan's Azeri, Chirag and Guneshli (ACG) oil fields and Baku-Tbilisi-Ceyhan (BTC) pipeline to India's ONGC Videsh Ltd. for $1 billion, iStockAnalyst reported. Hess has a 2.72% interest in the ACG fields, which was operated by BP Plc, located in the Caspian Sea about 100 kilometers east of Baku. The fields have been producing since 1997. Hess has a 2.36% interest in the BTC pipeline associated with the fields. "The sale of our interest in ACG is consistent with our strategy to divest mature and small working interest assets," said Greg Hill, President of Worldwide Exploration and Production for Hess. Including this transaction, Hess has announced asset sales year-to-date totaling nearly $2 billion and additional asset sales are underway as part of its strategic portfolio reshaping. The transaction, which is expected to close in the first quarter of 2013, is subject to Indian and other government and regulatory approvals. Hess is a independent energy company engaged in the exploration for and production of crude oil and natural gas, as well as in refining and in marketing refined petroleum products, natural gas and electricity. It operates in two segments: Exploration and Production (E&P) and Marketing and Refining (M&R). Top stories Azerbaijani President Ilham Aliyev arrived in Moscow on April 22 to hold talks with Russian counterpart Vladimir Putin. Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". Partner news | IDBank, Dalma team up for Caucasian Deer Reintroduction Program IDBank has joined Dalma Garden Mall’s Green Challenge to support the Caucasian red deer reintroduction project. Through Ucom’s support the 12th Sunchild Festival concludes On May 24-28, with the support of Ucom, the 12th international environmental festival Sunchild took place in Yerevan. U.S., Turkey emphasize importance of Armenia-Azerbaijan peace deal Jake Sullivan and Akif Cagatay Kilic have discussed the normalization process between Armenia and Azerbaijan. Armenia coach expects good football in Slovenia friendly The Armenian national team has left for Ljubljana a friendly match against Slovenia on June 4. |