NEW YORK (AP) — Energy company Hess is selling its Indonesia assets to a joint venture between PT Pertamina and PTT Exploration and Production Co. Ltd. for $1.3 billion.
Hess has been shifting away from refining and toward exploration and production. As part of that plan, it's selling off some assets. The Indonesia assets were included in that plan.
The assets are off Indonesia's coast and produced an average of 15,000 barrels of oil equivalent per day net to Hess in the first three quarters of the year.
The sale is being conducted under two separate agreements with the joint venture.
Hess Corp. said Monday that it will use proceeds from the sale to continue buying back shares under an existing $4 billion program.
The deal is expected to close in 2014's first quarter.