Hess Corp. entered an agreement on Oct. 5 to sell its interests in the Shenzi Field in the deepwater Gulf of Mexico (GoM) as the New York-based independent E&P company looks to funnel proceeds to its developments offshore Guyana.

BHP Group Ltd., the field’s operator, agreed to acquire the stake from Hess comprised of a 28% working interest for $505 million. The Shenzi Field produced an average of 11,000 net boe/d in the first eight months of 2020, according to the company release.

“Proceeds will be used to fund our world-class investment opportunity in Guyana,” CEO John Hess said in a statement on Oct. 5.

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