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Hess completes $650M divestiture of Equatorial Guinea assets

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Hess completes $650M divestiture of Equatorial Guinea assets

Hess Corp. on Nov. 28 completed the divestiture of its assets in offshore Equatorial Guinea for $650 million to Kosmos Energy Ltd. and Trident Energy Ltd., effective Jan. 1.

The move is part of the oil and gas producer's efforts to streamline its portfolio. Hess sold its 85% paying interest and operatorship in two oil-producing areas in the Rio Muni basin. Net production in the Equatorial Guinea assets averaged 28,000 barrels per day in the first half of 2017.

"Our 2017 asset monetizations have exceeded expectations in terms of value and timing," CEO John Hess said in a news release. "These proceeds, along with cash on our balance sheet, are enabling us to prefund our world-class investment opportunity in Guyana, increase our rig count in the Bakken [Shale] in 2018, return capital to shareholders and reduce debt."