Oil and gas company Hess Corporation has completed the sale of its 28% working interest (WI) in the Shenzi field for a total consideration of $505m.

BHP Billiton, the operator of the field, is the buyer of the WI. The deal brings BHP’s working interest in the field to 72%. The deal was initially signed in last month.

Shenzi is a six-lease development located in the deepwater Gulf of Mexico. The field is now structured as joint ownership between BHP (72%) and Repsol (28%).

Hess CEO John Hess said: “This transaction brings value forward in the current low price environment and further strengthens our cash and liquidity position.

“Proceeds will be used to fund our world-class investment opportunity in Guyana.”

In the first eight months this year, the field added approximately 11,000boepd of production.

In a press statement, BHP stated: “Total petroleum production guidance for the 2021 financial year of between 95 and 102 MMboe will be updated at the second quarter Operational Review (released 20 January 2021 AEST) to reflect the additional production from Shenzi and other operational updates such as Gulf of Mexico hurricane impacts.”

Last month, ExxonMobil and Hess made a final investment decision (FID) to move ahead with the $9bn Payara development project, offshore Guyana, following the Guyanese Government’s approval. First oil from the Payara development project is targeted for 2024.