Hess Provides Update on Drilling and Development Activities Offshore Guyana
January 07 2019 - 1:05AM
Business Wire
- Two exploration wells to be drilled
in January
- Growing Turbot area offers
significant development options
- Liza Phase 1 development on track
for first oil in early 2020
Hess Corporation (NYSE: HES) said today that drilling has begun
on the Haimara-1 exploration well offshore Guyana, the first of two
planned exploration wells in January. The Stena Carron drillship is
drilling the Haimara-1 well, located 19 miles (31 kilometers) east
of the Pluma-1 discovery in the southeastern part of the Stabroek
Block.
The Noble Tom Madden drillship will drill the second well,
Tilapia-1, located three miles (five kilometers) west of the
Longtail-1 discovery. The Tilapia-1 well is located in the growing
Turbot area.
Operator ExxonMobil is progressing the Liza Phase 1 development,
which has moved into its peak execution phase ahead of expected
startup in early 2020. Drilling of development wells in the Liza
field is continuing using the Noble Bob Douglas drillship, subsea
equipment is being prepared for installation, and the topside
facilities modules are being installed on the Liza Destiny
floating, production, storage and offloading (FPSO) vessel in
Singapore.
Preparations are underway for the commencement of pipe-laying
activities in the Liza field in the spring. The Liza Destiny FPSO
is expected to sail from Singapore to arrive offshore Guyana in the
third quarter of 2019.
The growing resource base on the Stabroek Block underpins the
potential for at least five FPSOs producing more than 750,000
barrels of oil per day by 2025. Liza Phase 2 is expected to start
up by mid 2022. Pending government and regulatory approvals,
project sanction is expected in first quarter 2019 and will use a
second FPSO designed to produce up to 220,000 barrels per day.
Sanctioning of a third development, Payara, is also expected in
2019 with start up as early as 2023.
ExxonMobil plans to deploy a seismic vessel operated by
Petroleum Geo-Services (PGS) to the Turbot area to acquire 4-D
seismic data similar to a 4-D campaign conducted in the Liza area
in 2017. A second PGS vessel has been released after seismic
acquisition activities were suspended on Dec. 22 when vessels were
approached by the Venezuelan navy in the northwest portion of the
Stabroek Block. Drilling and development operations offshore Guyana
are unaffected by the incident, which occurred more than 110
kilometers northwest of the Ranger discovery.
Esso Exploration and Production Guyana Limited is operator and
holds a 45 percent interest in the Stabroek Block. Hess Guyana
Exploration Ltd. holds a 30 percent interest and CNOOC Nexen
Petroleum Guyana Limited holds a 25 percent interest.
Hess Corporation is a leading global independent energy company
engaged in the exploration and production of crude oil and natural
gas. More information on Hess Corporation is available at
http://www.hess.com.
Cautionary Statements
This news release contains projections and other forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
These projections and statements reflect the company’s current
views with respect to future events and financial performance. No
assurances can be given, however, that these events will occur or
that these projections will be achieved, and actual results could
differ materially from those projected as a result of certain risk
factors. A discussion of these risk factors is included in the
company’s periodic reports filed with the Securities and Exchange
Commission.
We use certain terms in this release relating to resources other
than proved reserves, such as unproved reserves or resources.
Investors are urged to consider closely the disclosure relating to
proved reserves in Hess’ Form 10-K, File No. 1-1204, available from
Hess Corporation, 1185 Avenue of the Americas, New York, New York
10036 c/o Corporate Secretary and on our website at www.hess.com
You can also obtain this form from the SEC on the EDGAR system.
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version on businesswire.com: https://www.businesswire.com/news/home/20190106005164/en/
Investors:Jay Wilson212-536-8940jrwilson@hess.com
Media:Lorrie Hecker212-536-8250lhecker@hess.com
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