Hess
Corporation announced today that, in partnership with Petroceltic International
PLC, it has signed production sharing contracts with the Kurdistan Regional
Government of Iraq for its Dinarta and Shakrok exploration blocks.
Hess is the operator and has a 64 percent participating interest and 80 percent
paying interest in the blocks, which are located northeast of Erbil
and cover a combined area of 670 square miles (1,737 square kilometers). Each
PSC has an initial three-year exploration period in which the joint venture
plans to acquire 2D seismic and drill at least one exploration well.
"This expansion into Kurdistan is a good
strategic fit for our global portfolio and offers a material opportunity to
grow our reserves and production," said Greg Hill, President of Worldwide
Exploration and Production for Hess.
Hess Corporation, with headquarters in New
York, is a global integrated energy company engaged
in the exploration, production, purchase, transportation and sale of crude oil
and natural gas, as well as the production and sale of refined petroleum
products. More information on Hess Corporation is available at www.hess.com.
Forward Looking Statements Certain statements in this conference call may
constitute "forward-looking statements" within the meaning of Section
21E of the United States Securities Exchange Act of 1934, as amended, and
Section 27A of the United States Securities Act of 1933, as amended. Forward-looking
statements are subject to known and unknown risks and uncertainties and other
factors that may cause actual results to differ materially from those expressed
or implied by such statements, including, without limitation, uncertainties
inherent in the measurement and interpretation of geological, geophysical and
other technical data.