Pluma-1 well encountered 121 feet of high-quality,
hydrocarbon-bearing sandstone reservoir
Estimate of gross discovered recoverable resources for the Stabroek
Block increased to more than 5 billion barrels of oil equivalent
Growing resource base reinforces potential for at least 5 floating
storage, production and offloading vessels producing more than 750,000
barrels of oil per day by 2025
NEW YORK--(BUSINESS WIRE)--Dec. 3, 2018--
Hess Corporation (NYSE:HES) today announced a tenth discovery offshore
Guyana at the Pluma-1 well on the Stabroek Block. As a result of this
new discovery and further evaluation of previous discoveries, the
estimate of discovered recoverable resources for the Stabroek Block has
been increased to more than 5 billion barrels of oil equivalent, up from
the previous estimate of more than 4 billion barrels of oil equivalent
announced in July 2018.
Pluma-1 encountered approximately 121 feet (37 meters) of high-quality,
hydrocarbon-bearing sandstone reservoir. Pluma-1 reached a depth of
16,447 feet (5,013 meters) in 3,340 feet (1,018 meters) of water. The
Noble Tom Madden drillship began drilling on Nov. 1. The well is located
approximately 17 miles (27 kilometers) south of the Turbot-1 well. The
Noble Tom Madden will next drill the Tilapia-1 prospect located 3.4
miles (5.5 kilometers) west of the Longtail-1 well.
“Guyana is a truly world class investment opportunity with multi billion
barrels of additional exploration potential,” CEO John Hess said. “The
growing resource base on the Stabroek Block further underpins the
potential for at least five FPSOs producing more than 750,000 barrels of
oil per day by 2025.”
The Liza Phase 1 development is expected to begin producing up to
120,000 barrels oil per day by early 2020, utilizing the Liza Destiny
floating storage, production and offloading vessel (FPSO). As previously
announced, Liza Phase 2 is expected to start by mid 2022. Pending
government and regulatory approvals, Liza Phase 2 project sanction is
expected in early 2019 and will use a second FPSO designed to produce up
to 220,000 barrels of oil per day. Sanctioning of a third development,
Payara, is also expected in 2019 with start up as early as 2023.
The Stabroek Block is 6.6 million acres (26,800 square kilometers). 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.
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
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181203005487/en/
Source: Hess Corporation