New York-based oil and gas driller Hess Corporation on Monday announced it is divesting itself of interests offshore Equatorial Guinea in west central Africa.
Hess is selling the assets to Dallas-based Kosmos Energy and UK-based Trident Energy for $650m. The sale is expected to close by the end of this year.
In its announcement, Hess said it would reinvest the money from the sale in what it regards as the higher-return potential of investments in Guyana.
The South American nation has been set to go from pauper to prince since the 2015 discovery by ExxonMobil of huge potential offshore reserves in the Guyana-Suriname basin.
Hess is Exxon’s biggest partner in Guyana.
A Fortune 500 company, Hess has a global reach, with projects in Europe, Asia and the Americas as well as Africa. It is notably active in the Gulf of Mexico.
