Hess Worldwide Exploration and Production president Greg Hill said the sale is in line with interest as per the company’s strategy to divest mature and small working interest assets.
"Including this transaction, we have announced asset sales year-to-date totaling nearly $2 billion and additional asset sales are underway as part of our strategic portfolio reshaping," Hill added.
Located in the Caspian Sea approximately100km east of Baku, the ACG fields operated by BP first began production in 1997.
Hess is expecting to close the deal in the first quarter of 2013 after gaining approval from the Indian and other government and regulatory authorities.
