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- Hammerhead-1 well encounters 197 feet of high-quality, oil-bearing sandstone
- Discovery adds to estimated resource of more than 4 billion barrels
- Maximum offshore value creation through rapid development and accelerated exploration
Hammerhead-1 encountered approximately 197 feet (60 meters) of
high-quality, oil-bearing sandstone reservoir. The well was safely
drilled to 13,862 feet (4,225 meters) depth in 3,773 feet (1,150 meters)
of water. The Stena Carron drillship began drilling on
“Hammerhead is another significant oil discovery that further
demonstrates the tremendous prospectivity of the Stabroek Block, where
we continue to see multi billion barrels of additional exploration
potential,” CEO
Hammerhead-1 is located approximately 13 miles (21 kilometers) southwest
of the Liza-1 well and follows previous discoveries on the Stabroek
Block at Liza,
There is potential for additional production from significant undrilled
targets and plans for accelerated exploration and appraisal drilling. A
second exploration vessel, the Noble Tom Madden, is due to arrive in
Liza Phase 1, which is expected to begin producing oil by early 2020, will use the Liza Destiny FPSO to produce up to 120,000 barrels of oil per day. Construction of the FPSO and subsea equipment is well advanced. Pending government and regulatory approvals, Liza Phase 2 is targeted for sanctioning by the end of this year. It will use a second FPSO designed to produce up to 220,000 barrels per day and is expected to be producing by mid-2022. A third phase of development, at the Payara Field, is targeted for sanctioning in 2019 and will use an FPSO designed to produce approximately 180,000 barrels of oil per day, with first production as early as 2023.
The Stabroek Block is 6.6 million acres (26,800 square kilometers).
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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
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
View source version on businesswire.com: https://www.businesswire.com/news/home/20180830005466/en/
Source:
Hess Corporation
Investors:
Jay Wilson, (212)
536-8940
jrwilson@hess.com
or
Media:
Lorrie
Hecker, (212) 536-8250
lhecker@hess.com