Hess will persue plans to sell its Russian subsidiary Samara-Nafta, the company announced on 12 November 2012.
Samara-Nafta, which was established in 1998, produces approximately 50,00 boepd in the Volga-Urals region.
Goldman Sachs will serve as Hess' financial advisor for the potential sale.
Hess said the sale falls in line with the company's plan to reshape its portfolio. In October, Hess sold its stake in the UK Continental Shelf Beryl-area fields to Royal Dutch Shell for $525 million.