|Hess Announces Two New Discoveries Offshore Guyana|
“These two discoveries demonstrate the continuing exploration potential
on the prolific Stabroek Block and add to the previously announced gross
discovered recoverable resource estimate of more than 5 billion barrels
of oil equivalent,” said CEO
Tilapia-1 encountered approximately 305 feet (93 meters) of high quality oil bearing sandstone reservoir and was drilled to a depth of 18,786 feet (5,726 meters) in 5,850 feet (1,783 meters) of water. The well is located approximately 3.4 miles (5.5 kilometers) west of the Longtail-1 well. In addition to Tilapia-1 the Turbot area includes the Turbot, Longtail and Pluma discoveries.
The Noble Tom Madden drillship began drilling the well on
The Haimara-1 well encountered approximately 207 feet (63 meters) of high quality, gas condensate bearing sandstone reservoir. The well was drilled to a depth of 18,289 feet (5,575 meters) in 4,590 feet (1,399 meters) of water. It is located approximately 19 miles (31 kilometers) east of the Pluma-1 well and is a potential new area for development.
The Stena Carron drillship began drilling the well on
Stabroek Block Development Advances
The previous 10 discoveries on the Stabroek Block established the potential for at least five floating, production storage and offloading (FPSO) vessels producing more than 750,000 barrels of oil per day by 2025.
The Liza Phase 1 development is progressing on schedule and is expected to begin producing up to 120,000 barrels of oil per day in early 2020, utilizing the Liza Destiny FPSO. Liza Phase 2, which will use a second FPSO designed to produce up to 220,000 barrels of oil per day, is expected to startup by mid 2022. A third development, Payara, is expected to startup as early as 2023.
The Stabroek Block is 6.6 million acres (26,800 square kilometers).
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
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