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Hess closes $2B Norway oil, gas asset divestiture

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Hess closes $2B Norway oil, gas asset divestiture

Hess Corp. completed its divestiture of its subsidiary Hess Norge AS to the Norwegian producer Aker BP ASA for $2 billion. Hess Norge holds interests in the Valhall and Hod fields in Norway.

"We are high grading our portfolio by investing in our highest return assets and divesting mature, higher cost assets," said John Hess, CEO of Hess. The deal has an effective date of Jan. 1.