UPDATE 1-Hess, Shell swap North Sea, Gabon stakes

* Hess trades UK, Gabon stakes to Shell

* Hess to receive Shell stakes in Norwegian fields

* Hess shares up 2 percent; Royal Dutch gains 2.6 percent

NEW YORK, Dec 21 (Reuters) - Oil and gas company Hess Corp (HES.N) said on Monday that it would trade its stakes in a UK field and three projects in Gabon with Royal Dutch Shell (RDSa.L) for increased ownership in two Norwegian fields.

Under the swap, Hess will assume Shell's 28.09 percent interest in the Valhall field and 25 percent interest in the satellite Hod field, increasing its ownership stakes to 56.18 percent and 50.00 percent, respectively.

Shell will receive Hess 9.29 percent interest in the Clair field in the North Sea and all of the U.S. company's stakes in Gabon, including its 10 percent stake in Rabi Kounga, its 40 percent stake in Atora and 50 percent stake in Toucan. Shell will also receive Hess' Ozigo exploration permit, the company said.

No cash will change hands under the swap, which is expected to be completed in the first quarter of 2010, subject to government approvals, Hess said.

Shares of Hess rose 2 percent to $58.74 on the New York Stock Exchange. Royal Dutch closed up 2.6 percent in London. (Reporting by Matt Daily; Editing by Lisa Von Ahn)