BHP to acquire a 28% stake in Shenzi field from Hess for $505m.

BHP, an Anglo-Australian multinational mining, metals and petroleum dual-listed public company, agreed to acquire a 28% stake in Shenzi field from Hess, an American global independent energy company, for $505m. The acquisition would bring BHP’s working interest to 72% and immediately add approximately 11k barrels of oil equivalent per day of production. “This transaction aligns with our plans to enhance our petroleum portfolio by targeted acquisitions in high quality producing deepwater assets and the continued de-risking of our growth options. We are purchasing the stake in Shenzi at an attractive price, it’s a tier one asset with optionality, and key to BHP’s Gulf of Mexico heartland. As the operator, we have more opportunity to grow Shenzi high-margin barrels and value with an increased working interest,” Geraldine Slattery, BHP President Petroleum Operations.