(Adds analyst comment, share price)
BANGKOK, April 23 PTT Exploration and Production
Pcl (PTTEP), Thailand's top oil and gas explorer, has
bought Hess Corp's assets in Thailand in a $1 billion
deal as part of its attempt to boost its gas business, the
company's CEO said on Wednesday.
"The deal is worth $1 billion. We have acquired the whole
shares of Hess Thailand Holdings II Limited and Hess Exploration
Thailand Company Limited," Chief Executive Tevin Vongvanich said
in a statement.
Hess, based in New York, said it would use the proceeds to
purchase its shares under a $4 billion share buyback program.
The natural gas assets in the Sinphuhorm and Pailin Fields
produced an average of 17,000 barrels of oil equivalent per day
for Hess in 2013, the company said.
Analysts at Houston based energy-focused investment bank
Simmons & Co International said the after-tax deal price was in
line with its expectations for a valuation of $975 million.
Shares of Hess edged up 44 cents, or less than 1 percent, to
$88.45 in morning New York Stock Exchange trading.
(Reporting by Apornrath Phoonphongphiphat in Bangkok and Anna
Driver in Houston; Editing by Paul Tait)