Hess Corporation has revealed that nearly half of the Stabroek Block’s massive 11.6-billion-barrel reserve will be tapped with six production vessels.
“With the six ships that we have already sanctioned, we’re going to be developing over five billion barrels of that 11 billion barrels equivalent [and] there’s more to come,” Chief Executive Officer John Hess said at a recent Goldman Sachs event.
ExxonMobil is operator of the Stabroek Block, with a 45% stake, alongside Hess (30%) and CNOOC (25%).
Currently, three floating, production, storage and offloading vessels [FPSOs] are in operation at Stabroek Block: Liza Destiny, Liza Unity and Prosperity. The trio churned out 205 million barrels of oil as of November 2024, averaging 612,000 barrels per day (b/d), according to production data.
Three other FPSOs will be added to the block by 2027 – ONE GUYANA, Errea Wittu and Jaguar. Guyana’s gross production is expected to hit 1.3 million b/d with the six vessels in operation.
The Stabroek Block co-venturers also plan to undertake two more developments in Guyana, Hammerhead, and Longtail, bringing the total number of projects in the country to eight. Hammerhead is expected to achieve first oil around 2029 and will be in production for approximately 20 years. By that time, it is likely to take total production capacity offshore Guyana to 1.5 million b/d.
