SSE acquires Hess’s natural gas and infrastructure assets

Scottish and Southern Energy (SSE) has completed the acquisition from Hess, of North Sea natural gas and infrastructure assets.

Natural gas reserves totalling around 300 billion cubic feet have been acquired and additional, less certain resources of gas may also be identified through further exploration.

Gas production from these assets is expected to be around 200 million therms in 2011 and, subject to the phasing of development fields, could reach up to 300 million therms in 2012, which would provide around 6 per cent of SSE’s gas needs.

The total cash consideration for the acquisition is $324m.