Hess Corporation has completed the two transactions that bring Hess’ interests in a pair of Norwegian North Sea offshore fields, Valhall and Hod, to 64.05% and 62.5% respectively.
Hess and Shell completed a strategic trade recently in which Hess assumed Shell’s 28.09% interest in the Valhall field and 25% interest in the satellite Hod field.
In return, Shell assumed all of Hess’ interest in the Clair field (UK North Sea) and in Gabon.
Earlier this month, Hess acquired Total’s 7.85% in Valhall and 12.5% in Hod.
Hess Worldwide Exploration and Production president Greg Hill said that these transactions help the company to consolidate its portfolio while increasing its share in Valhall/Hod, which has significant growth potential in both reserves and production.
Hess Corporation, with headquarters in New York, is a global integrated energy company engaged in the exploration, production, purchase, transportation and sale of crude oil and natural gas, as well as the production and sale of refined petroleum products.