Hess Gets $1B For Caspian Sea Oil Assets

Law360, New York (September 7, 2012, 7:16 PM EDT) -- Hess Corp. will sell its minority stakes in the Azeri, Chirag and Guneshli oil field in Azerbaijan and in a nearby pipeline to ONGC Videsh Ltd., an affiliate of Indian state-owned Oil & Natural Gas Corp., for  $1 billion, it announced Friday.

Hess said it would sell its 2.72 percent interest in the ACG oil field in the Caspian Sea and its 2.36 percent interest in the Baku-Tbilisi-Ceyhan pipeline, which carries crude oil from the ACG fields to the Turkish Mediterranean port of Ceyhan.

"The sale...
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