• 3 minutes In a Nutshell...
  • 5 minutes CV19: New York 21% infection rate + 40% Existing T-Cell immunity = 61% = Herd Immunity ?
  • 7 minutes Australian renewables zone attracts 27 GW of solar, wind, battery proposals
  • 9 minutes Why Oil could hit $100
  • 30 mins COVID is real now
  • 3 hours The Quad naval alliance forming.
  • 15 hours The Grey Lady has fallen (further into irrelevancy)
  • 2 days Where is Alberta, Canada headed?
  • 23 hours Is The Three Gorges Dam on the Brink of Collapse?
  • 15 hours During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 17 hours The Boris Yeltsin of America
  • 1 day Is the oil & gas industry on the way out?
  • 2 days Joe Biden offers advice to correct the public health
  • 31 mins Is Biden the poster child for White Privilege ? DNC needs to replace him now before it's too late.
  • 2 days There Has Been No Trump Manufacturing Boom Even Before Covid
  • 2 days Fauci: "USA will soon have 100K new cases per day". Trump re(p)-lies: "The problem has been fixed"

Hess Corp to Sell Russian Assets to Lukoil for $2.05 Billion

Investors pushing for a change in the setup of the oil and gas company Hess Corp (NYSE: HES), have finally got their way as the New York based energy company made an announcement to sell its Russian unit, Samara Nafta, for $2.05 billion.

In efforts to reshape and refocus its sprawling business Hess will sell its 90% stake in Samara Nafta to Lukoil, Russia’s second largest crude oil producer.

Lukoil is interested in purchasing oil assets as part of its long term strategy to halt falling output. Production has been in steady decline over the past three years due to rapidly depleting wells in West Siberia, and disappointing output from new drill sites in the Timan-Pechora region in northern Russia.

Related article: TNK-BP Billionaires Seek New Oil & Gas Prowess

Samara-Nefta, from its operations in the Volga-Urals region of Russia currently produces around 50,000 barrels of oil equivalent a day, and has a reported 85 million tonnes of oil in proven reserves. Hess expects its 90% stake to fetch about $1.8 billion after tax.

In line with its streamlining plans, Hess has also announced the sale of assets in the North Sea, Texas, and Azerbaijan, hoping to net about $3.4 billion after tax. Chief Executive John Hess, stated that the plan is to use most of the proceeds to return capital to the shareholders.

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News