Petroleum Africa
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Wednesday, November 29, 2017
Hess Corp. saw its sale of its offshore interests in Equatorial Guinea completed. As previously announced the US independent sold its assets in the West African country’s to Kosmos Energy and Trident Energy for a total consideration of $650 million, with an effective date of January 1, 2017.
“Our 2017 asset monetizations have exceeded expectations in terms of value and timing,” CEO John Hess said. “These proceeds, along with cash on our balance sheet, are enabling us to prefund our world-class investment opportunity in Guyana, increase our rig count in the Bakken in 2018, return capital to shareholders and reduce debt.”
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