Financial terms were not disclosed.
Hess will sell its 15.67 percent stake in the Schiehallion field, as well its stake in a related pipeline system.
The Schiehallion field, operated by BP Plc (BP.L), is located north of Scotland in the Atlantic Ocean. The companies gained approval from the British government to begin drilling there in 1996.
Reporting By Ernest Scheyder; Editing by Gerald E. McCormick