Stabroek resources now exceed 6 billion barrels – Hess

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Gross resources at Guyana’s Stabroek Block now exceed 6 billion barrels of oil equivalent and potential for future multi-billion-barrel discoveries remain high.

Speaking on its Q2 2019 earnings call on Wednesday, CEO of Hess corporation, John Hess, said the estimated resources have been increased from the previous 5.5 billion barrels of oil equivalent following further evaluation of previous discoveries.

“As a result of this year’s discoveries, and further evaluation of previous discoveries, we have increased the estimates of gross discoverable resources for the Stabroek Block to more than 6 billion barrels of oil equivalent up from the previous estimate of more than 5.5 billion barrels of oil equivalent. We continue to see multi-billion barrels of additional exploration potential,” Hess said.

The 6.6 million acres Stabroek Block where Hess has a 30 percent interest and ExxonMobil is the operator is a massive world-class resource that is uniquely advantaged by its scale, reservoir quality, cost, rapid cash payback and strong financial returns, he pointed out.

Exploration and Appraisal drilling continues on the block at the Tripletail prospect in the greater Turbot area and at the Ranger discovery where a second well is underway.