Though producing assets in Guyana and the USA hold the top positions in Hess Corporation’s portfolio, the company still has its sights set on other exploration opportunities in Suriname and the Gulf of Mexico. This much was noted by Chief Executive Officer (CEO), John Hess during his recent participation at Barclays CEO-Energy Power Conference.
The official was keen to note that his company is fascinated with the fiscal returns from its 30 percent stake in Guyana’s Stabroek Block which holds 32 significant discoveries and five sanctioned projects with a sixth in tow. The Bakken in the USA is another stronghold for the corporation, playing a pivotal role in the company’s financial health.
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To ensure its performance is taken to new heights while keeping shareholder value maximised for the long haul, the company must continue its aggressive search for oil in other global assets. Towards this end, the CEO said Suriname and the Gulf of Mexico remain on the company’s radar.
With respect to Suriname, Hess told investors that focus remains heightened on Suriname where it has interests in Block 42 and Block 59. Hess, Chevron and Block 42 operator, Shell, each has a one-third interest in that deepwater concession. In Block 59, ExxonMobil is the operator, holding 33.34%. Equinor holds 33.33% and Hess 33.33%.
“We have wells that we will start drilling on Block 42 next year and we think they are prospective but we have to drill to really define what the opportunity is,” said the CEO.
Another area Hess plans to get more active in regarding exploration and appraisal is the Deepwater Gulf of Mexico.
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“The Pickerel-1 prospect was our first (exploration well on the Mississippi Canyon 727) and we are delighted that it was an oil discovery. Black Pearl will be the next and that will hopefully be a tieback (to tubular bells with first oil expected mid-2024).
“Then we have a wild cat opportunity (the Vancouver exploration prospect) later in the year in the Green Canyon. With the other 80 exploratory blocks that we have in the Gulf, we will be actively drilling for the next several years,” Hess said.
Overall, he noted that his company intends to maintain focus on creating more exploration upside, particularly in the Gulf of Mexico.
“…we think there are good opportunities there for financial returns,” the CEO concluded.
