Wednesday, June 7, 2023

Hess aiming to lift 23 million barrels from Stabroek Block for remainder of 2022

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Stabroek Block co-venturer, Hess, expects to lift some 23 million barrels of oil in the remaining quarters of the year, representing an increase in its initial output for 2022.

John Rielly, Hess’ Chief Financial Officer made the disclosure to investors on Wednesday during its Q1 earnings call.

Thus far, Hess has already sold some 2.3 million barrels of oil from operations in the prolific Stabroek Block, according to Rielly.

The Chief Financial Officer reported that Hess expects to get seven one million-barrel lifts in the second quarter. Added to that, Hess expects eight one million-barrel liftings each in the remaining third and fourth quarter bringing the total to 23 million barrels of oil.

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More lifts can be expected in the third and fourth quarters as the Liza Unity is set to achieve nameplate capacity in the third quarter, as the vessel is expected to ramp up production after achieving pilot flare as is customary at the start of each new development.

In Hess’ 2021 Q4 Earnings Call, the Company had anticipated a total of 24 lifts for 2022. But with revised production figures for the Liza Destiny, due to an increase in production capacity to 140,000 barrels per day, and the 220,000 barrels per day being produced by the Liza Unity, there is an overall increase.

And according to Rielly, “this ramp in liftings from Guyana is expected to result in significant cash flow growth” over the next three quarters.

Hess has a 30% stake in the Stabroek Block, with Exxon owning an operating stake of 45% and CNOOC having the remaining 25%.

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