The U.S. corporation Hess announced on Saturday that it has agreed to sell its share (2.72 %) in the Azeri-Chirag-Guneshli oil project (ACG) in the Azerbaijani sector of the Caspian Sea and its 2.36 percent interest in the associated BTC pipeline to the Indian ONGC corporation, Trend reports.
The transaction will cost $1 billion and is expected to be closed in the first quarter of 2013, the site of corporation announced.
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 consistent with our strategy to divest mature and small working interest assets," Greg Hill, President of Worldwide Exploration and Production for Hess, said.
U.S company sells its share in Azeri-Chirag-Guneshli oil project and BTC pipeline
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