Hess Corporation (HES) announced today that it has completed the previously announced sale of its subsidiary Hess Norge.
Hess Norge owned interests in the Valhall and Hod fields in Norway.
Aker BP ASA bought it for total proceeds of $2 billion.
The sale becomes effective on 1 January 2017.
“We are high grading our portfolio by investing in our highest return assets and divesting mature, higher cost assets,” CEO John Hess said. “This strategy is enabling us to prefund our world-class opportunity in Guyana, return capital to shareholders and reduce debt, while at the same time significantly lowering our cash unit costs and bolstering our company’s balance sheet.”