Hess reported on Thursday that it has completed its $1 billion sale of stakes in an Azeri oil field and an associated pipeline to India’s Oil and Natural Gas Corp. (ONGC) Videsh, yet another step in its transformation into a pure-play upstream company. ONGC Videsh acquires a 2.72% stake in the BPoperated Azeri-Chirag-Guneshli (ACG) oil field in the Caspian Sea and a 2.36% stake in the associated Baku- Tblisi-Ceyhan (BTC) pipeline.
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