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Hess completes business negotiations to acquire oil fields from TRZ Energy

Energy company Hess has acquired oil shale that could strengthen their leading position in the Bakken.

23 November 2010

Successful business negotiations between Hess and TRZ Energy that sees the former complete the acquisition of 167,000 net acres in North Dakota's Bakken oil shale play for $1.05 billion (£659 million) have been completed.

Greg Hill, president of worldwide exploration and production at Hess, said: "This acquisition strengthens our leading land position in the Bakken, leverages our operating capabilities and infrastructure and will contribute to future reserve and production growth."

The properties that have been secured as a result of the deal have current net production of around 4,400 barrels of oil a day and are located close to the company's existing acreage.

Based in New York, Hess is engaged in the purchase, transportation, exploration, production and sale of natural gas and crude oil, in addition to the sale and production of refined petroleum products.

It was reported yesterday (November 22nd) that Exxon Energy XXI had concluded sales negotiations with Exxon Mobil, which led to the purchase sale of natural gas and shelf oil interests for $1.01 billion.

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