Hess Corporation yesterday announced it has reached agreement with Shell for a strategic asset trade that will double Hess’ interest in a pair of Norwegian offshore fields, Valhall and Hod, to 56.18 percent and 50 percent, respectively.

In the trade, Hess will assume Shell’s 28.09 percent interest in the
Valhall field and 25 percent interest in the satellite Hod field. In
return, Shell will assume Hess’ 9.29 percent interest in the Clair
field (UK North Sea) and all of Hess’ interests in Gabon, including
production fields Rabi Kounga (Hess 10%), Atora (Hess 40%) and Toucan
(Hess 50%), and the Ozigo exploration permit.

No cash is involved in the trade, which is expected to be completed in
the first quarter of 2010 subject to government approvals and other
required consents.

Greg Hill, President of Worldwide Exploration and Production, said,
“This strategic trade provides us with an opportunity to consolidate
our portfolio and double our interest in Valhall/Hod, a long-lived
producing asset with significant reserves and potential, which will
further support our long term objective of profitably increasing our
reserves and production. We look forward to continue working with BP,
the field operator, to deliver this future growth.”

Hess Corporation, with headquarters in New York, is a global integrated
energy company 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.

Source: Hess Corporation

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