Hess to acquire further interests in two Norwegian fields

The global energy company will pay $496m for a further share of the two Norwegian offshore fields.

Hess, a global integrated energy company, has exercised its right to pre-empt Total's sale to BP of its interests in a pair of Norwegian North Sea offshore fields, Valhall and Hod. Hess will gain additional interests of 7.85% in Valhall and 12.5% in Hod for $496m in cash.

Together with the completion of a strategic trade between Hess and Shell, the move will bring Hess' interests in Valhall and Hod to 64.05% and 62.5%, respectively.

Both transactions are subject to approval by relevant authorities and are expected to close near the end of the third quarter. Both fields are adjacent to each other and BP is the operator of the fields.

Hess is 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.