Hess Exits Denmark Upstream
Deal frees up resources for deployment in Guyana.
Hess Corporation has completed the previously announced sale of its subsidiary Hess Denmark ApS, which holds a 61.5% interest in the South Arne Field, to Ineos E&P AS for a total consideration of $150 million.
“The sale of our Denmark asset enables us to further focus our portfolio and strengthen our cash and liquidity position,” said John Hess, chief executive of Hess. “Proceeds will be used to fund our world-class investment opportunity in Guyana.”
The transaction was effective 1 January 2021.