Hess gets $180m from Sumatra asset sale
Thursday, January 28 2010 - 03:13 AM WIB
US oil, gas firm Hess Corp said it received US$180 million from the sale of its 25% interest in Jambi Merang block onshore South Sumatra.
According to the Company?s Q4 2009 Earnings Call transcript released on Wednesday, it has completed transaction on the block earlier this month.
The Company?s interest was sold to Canadian oil, gas firm Talisman Energy.
The block is operated by state oil, gas company PT Pertamina(Persero), which has 50 percent interest, under JOB structure.
Other 25 percent interest in Jambi Merang is held by Hong Kong-based firm Pacific Oil& Gas which is also in the process of disposing its entire interest.
The block is slated to start production this year with peak production of 120 MMCFD. (alex)