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
NEW YORK--(BUSINESS WIRE)--Jan. 7, 2019--
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
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.
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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Source: Hess Corporation