U.S. corporation Hess announced on Saturday, that agreed to sell its part (2.72 %) in the Azeri-Chirag-Guneshli oil project (ACG) in Azerbaijanian sector of Casipan Sea and its 2.36 percent interest in the associated BTC pipeline to the indian ONGC corporation.
The transaction will cost for $1 billion and expected to close in the first quarter of 2013, said on the site of corporation.
The BP operated ACG fields, located in the Caspian Sea approximately 100 kilometers east of Baku, commenced production in 1997.
"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.
For 2012, about $708 million in operating expenditure and $2.516 billion in capital expenditure are expected to be spent on ACG activities.
ACG participating interests excpet Hess are: BP (operator - 35.8%), Chevron (11.3%), SOCAR (11.6%), INPEX (11%), Statoil (8.6%), ExxonMobil (8%), TPAO (6.8%), ITOCHU (4.3%), Hess (2.7%).
BTC Co. shareholders are: BP (30.1 percent); AzBTC (25 percent); Chevron (8.90 percent); Statoil (8.71 percent); ТРАО (6.53 percent); Eni (5 percent); Total (5 percent); Itochu (3.40 percent); Inpex (2.50 percent); ConocoPhillips (2.50 percent); and Amerada Hess (2.36 percent).
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