Hess has entered into an agreement with Lukoil to sell 100% of its Russian subsidiary Samara-Nafta for a total consideration of US$2.05bn. Based on its 90% interest in Samara-Nafta, total after tax proceeds to Hess are expected to amount to approximately US$1.8bn. Samara-Nafta is currently producing 50,000 boe/d in the Volga-Urals region of Russia.
The group has also completed the sale of its 2.72% interest in the Azeri, Chirag and Guneshli Fields (ACG) in Azerbaijan and its 2.36% interest in the associated BTC pipeline to ONGC Videsh (India) for US$1bn. The BP operated ACG fields, located in the Caspian Sea approximately 100 km east of Baku, commenced production in 1997.
So far in 2013, Hess has announced or completed the sale of its interests in the Beryl field in the British North Sea, the Eagle Ford play in Texas, and the Azeri, Chirag and Guneshli fields in Azerbaijan and the associated pipeline. Including Samara-Nafta, the total after tax proceeds from these sales will amount to approximately US$3.4bn.