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Hess has announced the divestment of its interests in the BP-operated Schiehallion field and the Schiehallion FPSO vessel in the UK West of Shetlands region. The consideration is undisclosed. Schiehallion is on the cusp of a major redevelopment programme, sanctioned in July 2011, that will see the installation of a new-build FPSO, new subsea infrastructure and an intensive drilling programme. The Quad 204 project will require US$3.3 billion of investment between 2013 and 2017, and push ...
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The upstream oil and gas industry conducts activities against a backdrop of growing energy and environmental challenges. Political instabilities, international conflicts and government and environmental regulation have all impacted the production process.
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Deal insight | May 2012
Hess divests its 15.67% interest in Schiehallion to Shell
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