Hess to plug US$475M into Stabroek block offshore Guyana this year

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Hess Corporation will plug a total of US$475M into development and drilling activities on the Stabroek block, located 120 miles offshore the coast of Guyana this year. The now world-famous oil field is home to the Liza and other wells, where an estimated 2 billion barrels of high quality sweet crude have been discovered so far by ExxonMobil and its partners.

Hess’ 2017 E&P Capital and Exploratory Budget reveal that US$125M has been allocated for development activities at the Liza Field in Guyana (Hess 30 percent, Esso Exploration and Production Guyana Limited operator).

An additional US$350M is earmarked for drilling wells on the Stabroek block. This includes appraising the significant Liza Field, the recent Payara discovery and new exploration prospects. Additional funds are included for seismic acquisition and processing and for license acquisitions.

Development and drilling activities are expected to intensify this year in the Stabroek block with Exxon recently announcing plans to begin drilling at the Liza 4 well. Additionally, Exxon was granted approval to commence exploratory work in the Kaieteur block, a large area adjacent to the Stabroek block which the company believes may contain significant reserves.

Oil production offshore the South American country is expected to begin by 2020.