Wednesday, November 30, 2022

Hess’ net Stabroek Block output jumps 66,000 bpd; 8 million barrels sold in third quarter

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Hess Corporation, which holds a 30% stake in the Stabroek Block, reported on Wednesday that its net production in the offshore concession increased by 66,000 barrels of oil per day (bpd).

In its operational update on Guyana, the company said this increase was on account of the operationalisation of the Liza Unity floating production, storage, and offloading vessel (FPSO). Together with the Liza Destiny FPSO which had undergone capacity enhancement, Hess said net production in the third quarter stood at 98,000 bopd compared with 32,000 bopd in the prior-year quarter.

The Liza Unity FPSO, which commenced production in February 2022, reached its nameplate production capacity of 220,000 gross bopd in July 2022. As for the Liza Destiny which commenced production in December 2019, it is now producing approximately 140,000 barrels of oil per day, which is 20,000 bpd more than the initial target production volume. Together, the ships are producing an average of 360,000 barrels of oil per day.

Hess had said that the Liza Unity FPSO, and all other Guyana floaters, could undergo debottlenecking of 10%-15% after its first year of production.

Also in the third quarter, Hess said it sold eight cargos of crude from Guyana compared with three cargos in the prior year quarter. It expects to sell nine cargos of crude in the fourth quarter.

Furthermore, the company said Guyana’s net production is forecast to be approximately 110,000 bopd in the fourth quarter but for the full year, net production is forecast to be approximately 77,000 bopd.

ExxonMobil is the operator of the Stabroek Block with a 45% stake, and CNOOC holds the remaining 25%.

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