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Hess To Sell Interest In ACG Fields For $1 Billion

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September 7, 2012

Hess Corporation (NYSE: HES) announced it has agreed to sell its 2.72 percent interest in the Azeri, Chirag and Guneshli Fields (ACG) in Azerbaijan and its 2.36 percent interest in the associated BTC pipeline to ONGC Videsh Ltd. for $1 billion. 

The transaction, expected to close in the first quarter of 2013, is subject to Indian and other government and regulatory approvals.

The BP operated ACG fields, located in the Caspian Sea approximately 100 kilometers east of Baku, commenced production in 1997.

"The sale of our interest in ACG is ...


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