Payara reached 220,000 b/d production target three months ahead of schedule

Hess Corporation said in its Q4 2023 earnings update that the Payara project reached its oil production target of 220,000 barrels per day (b/d) in January. 

Having started production in November last year, Payara’s production ramp-up is three months ahead of schedule. Hess had said last year that the scheduled period to reach this target was five months, as was the case with the Liza 2 project.  

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Project flare is at background levels, as announced by ExxonMobil in January.

The Bakken and Guyana primarily contributed to higher net production for Hess, a total of 418,000 boe/d in the fourth quarter of 2023, compared with 376,000 boe/d, proforma for asset sold, in the fourth quarter of 2022.

Hess Corporation is a 30% stakeholder in the Stabroek block offshore Guyana, where Payara is producing alongside Liza 1 and 2. The three floating production units were delivered by Dutch builder SBM Offshore.

ExxonMobil is the operator of the block with a 45% stake, while CNOOC holds the remaining 25%.