|Hess Announces 13th Discovery Offshore Guyana|
“Yellowtail marks the 13th significant discovery on the
Stabroek Block,” said CEO
Yellowtail-1 encountered approximately 292 feet (89 meters) of
high-quality oil-bearing sandstone reservoir and was drilled to a depth
of 18,445 feet (5,622 meters) in 6,046 feet (1,843 meters) of water. The
well is located approximately 6 miles (10 kilometers) northwest of the
Tilapia discovery. The Noble Tom Madden began drilling the Yellowtail
Exploration and development activities continue at other locations on
the Stabroek Block. The Stena Carron is currently completing a well test
at the Longtail-1 discovery and upon completion will next drill the
Hammerhead-3 well. Later in 2019, the Stena Carron will drill a second
well at the Ranger discovery. The Noble Bob Douglas drillship is
currently completing development drilling operations for the Liza Phase
1 development. The operator is also evaluating plans to add another
exploration drillship, bringing the number of drillships offshore
Previous 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. Startup of the Liza Phase 1 development is on track to begin by the first quarter of 2020 and will produce up to 120,000 gross barrels of oil per day utilizing the Liza Destiny FPSO, which is expected to arrive in country in the third quarter.
Liza Phase 2 is expected to startup by mid-2022. A final investment decision is expected soon subject to government and regulatory approvals. Upon approval, the project will use the Liza Unity FPSO to produce up to 220,000 gross barrels of oil per day. Sanctioning of a third development, Payara, is also expected in 2019, with startup projected in 2023.
The Stabroek Block is 6.6 million acres (26,800 square kilometers).
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