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Hess Sells Entire North Sea Portfolio for $2.0 Billion

Announced Date
October 24,2017
Deal Value $
2,000,000,000
Transaction Type
Asset
Buyer
Aker BP
Seller
Hess Corp
Price Per BOE $
40,000
Source Documents:
   Source Link
Location
Region
North Sea

Country
Norway

Play
North Sea


Production
Production
26,000 Boe/d


Multiples
Production ($/boe/d)
76,923

Adj. $/acre is based on production @40,000 Boe/d

Transaction Details: 

Hess has agreed to sell its subsidiary Hess Norge, which owns interests in the Valhall and Hod fields in Norway, to Aker BP ASA for $2 billion.

The Valhall and Hod fields produced an average of 26,000 boe/d net to Hess over the first six months of 2017. Hess holds a 64.05 percent interest in Valhall and a 62.5 percent interest in Hod.



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