Hess Corporation said in its Q4 2023 earnings update that the Payara project reached its oil production target of 220,000 barrels per day (b/d) in January.
Having started production in November last year, Payara’s production ramp-up is three months ahead of schedule. Hess had said last year that the scheduled period to reach this target was five months, as was the case with the Liza 2 project.
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Project flare is at background levels, as announced by ExxonMobil in January.
The Bakken and Guyana primarily contributed to higher net production for Hess, a total of 418,000 boe/d in the fourth quarter of 2023, compared with 376,000 boe/d, proforma for asset sold, in the fourth quarter of 2022.
Hess Corporation is a 30% stakeholder in the Stabroek block offshore Guyana, where Payara is producing alongside Liza 1 and 2. The three floating production units were delivered by Dutch builder SBM Offshore.
ExxonMobil is the operator of the block with a 45% stake, while CNOOC holds the remaining 25%.
