Hess Corporation, an integrated oil company based in USA, decided that it would sell its shares in its concession area in the Mediterranean Sea.

This comes after the company’s decision to withdraw its current investments from the petroleum sector as a result of the lack of significant projects offered by its partner in Egypt, a top official told Egypt Oil & Gas Newspaper.

He clarified that Hess will leave Egypt by next May 2011, although it came utterly incompatible with the late statements made by the company that they would conduct studies on all of the tanks in order to finalize its drilling program to be implemented in the acquisition area of the Mediterranean.

It is worth mentioning that the joint venture between HESS and EGPC is the North Alamein Petroleum Company (NALPETCO).