NEW YORK (Yosefardi) – Hess Corporation has completed the sale of its Ujung Pangkah asset to a subsidiary of PT Saka Energi Indonesia for a total after tax consideration of US$650 million.
Hess said PT Saka Energi Indonesia, subsidiary of Perusahaan Gas Negara (PGAS), exercised its preemption rights to purchase Hess’ interests in Ujung Pangkah.
The total after tax consideration of US$650 million comprises the sale of equity interests in certain holding entities and certain inter-company debts.
Ujung Pangkah, located off the coast of Indonesia, produced an average of 9,000 barrels of oil equivalent per day net to Hess in the first three quarters of 2013.