Hess’ Guyana net oil production in 2024 beat its U.S. output for the second time, the company said in its annual report.
Net Guyana output for Hess’ 30% stake in the Guyana Stabroek Block was 68.136 million barrels in 2024, a 64% lead on its North Dakota and offshore assets in the U.S., which produced a combined 41.65 million barrels.
The lead over U.S. production expanded from 9% in 2023, owing to the start-up of the Payara project. Starting production in November 2023, the project ramped up to its design oil production rate of 220,000 barrels per day (b/d) by January 2024 and was optimized by mid-year to achieve a new capacity of 250,000 barrels per day (b/d). Payara drove an increase in average output offshore Guyana from 391,000 b/d in 2023 to 616,000 b/d last year.
The average selling price of US$80.04 for Guyana crude was also the highest among the jurisdictions in which Hess operates, which implies that the company’s Guyana revenue exceeded US$5.4 billion last year.
The U.S. company’s net Guyana output will continue to increase with one new oil project set to start every year through 2027. The Yellowtail project will start production later this year contributing to increased average full-year production of some 674,000 b/d. Uaru and Whiptail are set to start in 2026 and 2027. They will each add 250,000 b/d.
ExxonMobil operates the Stabroek Block with a 45% stake, while Hess has 30% and CNOOC has 25%. The company said an expected relinquishment of a portion of the Stabroek Block, as per the companies’ petroleum agreement, is pending approval by the Guyana government.
