Energy company Hess has been named E&P Explorer of the Year for the second year in a row, as revealed in the 15th annual Wood Mackenzie exploration industry survey. Its Exploration Director, Tim Chapman made the announcement on July 13 via LinkedIn.
The survey, which assesses the performance of various oil and gas companies, recognized Hess for its outstanding success in exploration endeavors and its commitment to sustainability.
Wood Mackenzie Senior Vice President of Energy Research, Dr. Andrew Latham, in commending the company on its achievement said “Hess has transformed itself with an enormous run of giant successes in Guyana since 2015. The industry remains very dynamic and continues to deliver advantaged resources that can displace less sustainable supply. Their development will reduce oil and gas emissions and provide cash flow to fund investment in low carbon alternatives through the energy transition.”
Chapman noted that while the average industry success rate in 2021 stood at 29%, Hess surpassed expectations with a drilling success rate of over 80% in Guyana this time around.
Hess’ Senior Vice President and Chief Exploration Officer Barbara Lowery-Yilmaz expressed gratitude for the recognition and acknowledged the collaborative efforts that contributed to their success.
She stated, “Hess is honoured to be recognised as the E&P Explorer of the Year, an achievement that could not have occurred without the incredible partnership we share in Guyana with ExxonMobil, CNOOC, and the people of Guyana.”
The partnership between Hess, ExxonMobil, CNOOC, and the Guyanese government has proven to be a fruitful one thus far. Together, they have made remarkable discoveries, uncovering more than 11 billion barrels of oil equivalent. Furthermore, they estimate the existence of multibillion barrels of exploration potential, solidifying Guyana as a promising region for oil and gas development.
Hess is a 30% stakeholder in the Stabroek Block, alongside Exxon (operator) and CNOOC.
Thus far, the partners have made two more discoveries this year; at Fangtooth SE-1 and Lancetfish-1. Over 30 discoveries have been made since the first find in 2015.
2022 was branded the best exploration year for the Stabroek Block partners.
