Indonesia: Hess Completes Sale of Natuna A Field

Hess Corporation on Friday completed the previously announced sale of its Natuna A asset, located off the coast of Indonesia, to PT Pertamina and PTT Exploration and Production Company Limited for a total after-tax consideration of $650 million.

The Natuna Sea A Project is a gas field located in the West Natuna Sea, near the border between Malaysia and Indonesia. The current production is approximately 220 million cubic feet per day of gas and 2,350 barrels per day of oil, with total proved and probable reserves (2P) of 209 million barrels of oil equivalent (BOE). Partners in the Natuna Sea A Project include Premier Oil (Operator), KUFPEC and Petronas which hold participation interests of 28.67%, 33.33% and 15% respectively.

[mappress]

December 08, 2013