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Hess’ Southeast Asian Offshore Natural Gas Assets Attract Bidders

The offshore natural gas assets of Hess Corp. (HES), estimated to be worth as much as $5 billion, have attracted bids from several energy firms, Reuters reported, citing sources.

The New York-based company has a collection of gas fields in the North Malay Basin in offshore Malaysia and in the Malaysia-Thailand Joint Development Area. It has not yet decided whether to sell the assets, sources said, but it has been facing pressure from investors to make money. The company last reported a profit four years ago.

Thailand’s PTTEP PCL, OMV AG of Austria, Malaysia’s Petronas, and Kuwait Foreign Petroleum Exploration Company are said to be some of the companies vying for Hess’ assets. A source told Reuters that a growing number of companies “believe a sale is probable,” adding that the assets also appeal to private-equity backed players and mid-sized energy firms.

“We don’t comment on rumours but we continue to believe that our Malaysia assets are an important part of our portfolio and our value creation strategy,” a Hess representative said in a statement to Reuters.