BHP acquired an additional 28% working interest in Shenzi field from Hess. Credit: Hess Corporation.

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.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.