Hess completed the sale of its 28% working interest in the Shenzi Field in the deepwater Gulf of Mexico (GOM) to BHP, the field’s operator, for $505 million.
Shenzi is a six-lease development structured as a joint ownership: BHP (operator, 44%), Hess (28%), and Repsol (28%).
The acquisition would bring BHP’s working interest to 72%, adding approximately 11,000 BOE/D of production (90% oil).
The sale is expected to close by December 2020.
Hess CEO John Hess said proceeds from the sale will help fund the company’s investment in Guyana.