NGI The Weekly Gas Market Report / NGI All News Access

Hess Sells Onshore Gulf Coast Assets to Private Company

New York-based Hess Corp. last week agreed to sell substantially all of its onshore oil and natural gas assets along the Gulf Coast of Texas, Louisiana and Mississippi to an undisclosed privately held company. Financial details were not disclosed.

Hess, which officially changed its name on Tuesday from Amerada Hess, said the properties include about 65 producing wells in 12 fields, and most of the properties are located in seven parishes in southern Louisiana. The wells being sold currently are producing at a combined net rate of 2,600 boe/d.

The producer's worldwide liquid hydrocarbons and gas production averages about 342,000 boe/d. In the United States, net daily production is about 171 MMcf/d of gas and 56 bbl/d of liquids, with total output of 84,000 boe/d. Besides the onshore Gulf Coast, Hess also holds acreage in North Dakota, where it is the leading oil producer, the Permian Basin and in the deepwater Gulf of Mexico.

The transaction has an effective date of April 1 and is expected to close in June.

©Copyright 2006 Intelligence Press Inc. All rights reserved. The preceding news report may not be republished or redistributed, in whole or in part, in any form, without prior written consent of Intelligence Press, Inc.

Comments powered by Disqus