Friday, September 29, 2023

“Staggering” discoveries pushing record production – Hess

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Hess Corporation’s Senior Vice President – Exploration, Barbara Lowery-Yilmaz, says greater than five billion barrels of equivalent resource in four years is “pretty tremendous” referring to the record oil discoveries made off the coast of Guyana.

Further, she said that Hess and its partners are aiming to achieve 500,000 barrels per day (bpd) by 2023, en route to 750,000 plus bpd by 2025 with the use of up to five Floating Production, Storage and Offloading (FPSO) vessels.

Delivering remarks at Hess’ Investor Day 2018 forum held on December 12, 2018, Lowery-Yilmaz said, “When I reflect on discovery of first oil in 2015…first oil (production) in 2020… greater than 750,000 barrels per day by 2025. That’s discovery to 750,000 barrels per day in just over a decade…that is staggering.”

She said that the geology and the exploration and appraisal strategy for the Guyana offshore exploration engender confidence that more success is to be had in the basin.

“We see multimillion barrel potential in this prolific basin and we are well positioned into the next decade to continue to explore and find resources in this prolific province,” she said.

She said that in 2019 the company will continue as a joint venture partner in the Stabroek Block and that they will acquire further seismic data, “Over time we are going to use that data to underpin a future portfolio and will be reassessing existing data.”

The company will be continuing its exploration and appraisal drill programme with both the Stena Carron and the Noble Tom Madden drill ships. She said drilling will be done in the southern portion of the Stabroek Block.

HESS Guyana Exploration Limited holds a 30 percent stake in the Stabroek Block offshore Guyana while operator ExxonMobil through subsidiary Esso Exploration and Production (Guyana) Limited holds 45 percent and CNOOC Nexen Petroleum Guyana Limited holds 25 percent.

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