REPYF - BHP buys Hess' Shenzi oil field stake in $505M deal

[[BHP]] agrees to acquire Hess' (HES) 28% stake in the Shenzi oil and gas field in the Gulf of Mexico for $505M.The acquisition will take BHP's interest in the development to 72% and adds ~11K boe/day of production; Repsol ([[REPYF]], [[REPYY]]) own the remaining 28%.BHP says it believes that the fundamentals for oil and gas will remain attractive for at least the next decade, with potential for price upside in the coming years given the recent slowdown in development activity.Hess says it will use the proceeds from the sale to help fund its key investment opportunity in Guyana.

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BHP buys Hess' Shenzi oil field stake in $505M deal