Hess Corp. has agreed to acquire an additional 20% interest in the Tubular Bells oil and gas field in the Gulf of Mexico from BP for $40 million and will become the operator.
The increased ownership will bring Hess’ working interest in Tubular Bells to 40%. Chevron holds a 30% interest and BP will retain 30%. The deal is conditioned upon regulatory approval.
Tubular Bells, which was discovered in 2003, is a deepwater field approximately 135 miles southeast of New Orleans.