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Hess mulls Indonesia, Thailand E&P sales

April 29, 2013 at 6:49 AM

NEW YORK, April 29 (UPI) -- Selling exploration and production assets in Indonesia and Thailand would benefit shareholders, Hess Corp. said.

Hess announced it planned to divest itself of exploration and production assets, along with some downstream businesses, in Indonesia and Thailand.

"Most of the proceeds from these additional sales will be used to return capital directly to shareholders," the company said.

Hess gave no indication of the value of the assets.

The company added that it completed the sale of its Russian subsidiary Samara-Nafta to Russian oil company Lukoil for around $2 billion.

Hess this year sold interests in the North Sea and the Eagle Ford shale play in the United States. Last month, it sold its stake in the Azeri-Chirag-Guneshli complex offshore Azerbaijan.

In January, the company announced plans to transform into an exploration and production company when it closed a New Jersey refinery, marking its departure from the refining business.

"Hess' total year-to-date proceeds from completed and announced asset sales amount to approximately $3.5 billion," the company said. "The company is applying these proceeds to repay outstanding short-term debt and strengthen its balance sheet, providing the financial flexibility to fund future growth."

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