Hess, which has 90% interest in Samara-Nafta, is expected to receive about $1.8bn, after all tax proceeds.

The Samara-Nafta is situated in the Volga-Urals region of Russia, which is currently flowing about 50,000 barrels equivalent oil per day.

Samara Nafta has been producing since 2001 and currently includes over 60 fields and two oil treatment plants.

Hess has also announced the sale of its interests in the Beryl field in UK North Sea, the Eagle Ford play in Texas, as well as the Azeri, Chirag and Guneshli fields in Azerbaijan.

The company is expected to receive about $3.4bn from all the transactions.

Hess chairman and CEO John B. Hess said that the asset sales programme will help the company to transform into a more focused, higher growth, lower risk pure play exploration and production firm.

"Just as important, by applying the proceeds from these divestitures to reduce debt and strengthen our balance sheet, Hess will have the financial flexibility both to fund its future growth and also to direct most of the proceeds from additional asset sales to returning capital directly to its shareholders," Hess added.