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BRIEF-Hess sells oil and gas interests in Norway for $2 bln
October 24, 2017 / 5:24 AM / in a month

BRIEF-Hess sells oil and gas interests in Norway for $2 bln

Oct 24 (Reuters) - Hess Corp -

* Hess sells interests in Norway; commences process to sell interests in Denmark

* An agreement to sell its oil and gas interests in Norway for total proceeds of $2 billion

* Implementation of a cost reduction program expected to deliver annual cost savings of more than $150 million starting in 2019

* ‍Expect to reduce hess corporation debt (excluding midstream) by $500 million in 2018​

* ‍actions are expected to reduce cash unit production costs by approximately 30 percent - to Less than $10 per boe - by 2020​

* ‍Hess will commence a process to sell its interests in Denmark, where it holds a 61.5 percent interest in south arne field​ Source text for Eikon: Further company coverage: (Bengaluru Newsroom)

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