Scottish & Southern Energy announced today that the company has agreed to acquire the North Sea natural gas and infrastructure assets of U. S. energy firm Hess Ltd. for £278 million. The company has taken this decision to make sure the supply to its customers. By this move, SSE has entered the upstream gas sector. SSE also plans to boost the exploration activities in the region further.

According to the deal, SSE would get around 383 billion cubic feet of gas and liquid resources. This quantity of gas and liquid resources is equivalent to 64 million barrels of oil. The deal will provide SSE stake between 5% and 25% in more than 30 fields in the Everest/Lomond, Easington and Bacton areas of the North Sea. The deal is expected to be completed by the end of June this year.

SSE said it expects the gas from the acquired assets would provide around 8% of the amount it requires daily to supply its customers and fuel power stations. The company also said that there is a possibility to find more gas through further exploration.

"These assets will provide a new source of primary fuel and a hedge for our gas generation and supply activities," said Ian Marchant, Chief Executive of SSE.