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 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". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Viva-MTS: Tech solutions to modernize infrastructure of border village The border village has been the focus of Viva-MTS and the Foundation for the Preservation of Wildlife and Cultural Values since 2015. Ucom's fixed network launched in Artashat To mark this occasion, the company has introduced a special offer exclusively for Artashat residents. “By Your Side”: IDBank's new support program for displaced Artsakh citizens IDBank is launching a long-term social support program for forcibly displaced Artsakh residents. The Power of One Dram to benefit Road of Life charity The companies inform that the May beneficiary of The Power of One Dram is the “Road of Life” charitable organization. |