- Thailand’s PTT Exploration and Indonesia’s PT Pertamina agree to buy Hess' (HES) stakes in two Indonesian offshore energy projects for $1.3B.
- Hess has been shifting away from refining and toward exploration and production, and asset sales are part of that plan; the assets produced an average of 15K boe/day net to Hess YTD.
- Hess says it will use proceeds from the sale to continue buying back shares under an existing $4B program.
PTTEP, Pertamina to buy Hess Indonesia offshore assets for $1.3B
Dec 2 2013, 07:59 ET