Hess Corporation makes a second oil discovery off the coast of Guyana

Inspenet, May 1, 2023

The oil company Hess Corporation has made a second oil discovery in the Stabroek block, off the coast of Guyana, with the Lancetfish-1 well.

The well was drilled to 5,843 feet by the Noble Don Taylor drillship and is located approximately four miles southeast of the Fangtooth discovery.

On the other hand, the Kokwari-1 exploration well drilled by Hess Corporation in the first quarter of the year did not find commercial quantities of hydrocarbons.

The Stabroek block: a black gold mine for the Hess Corporation

Hess owns a 30% interest in the Stabroek Block, while ExxonMobil is the operator with a 45% interest and CNOOC has a 25% interest.

In the announcement, the US company also said it plans to drill around 10 exploration and appraisal wells at Stabroek this year, as well as two wells in the Gulf of Mexico and one off the coast of the island of Newfoundland in Canada, with a budget of $550 million for exploration and evaluation in 2023.

The Hess inventory off the coast of Guyana contributed 112,000 barrels of oil per day (bopd) to the company’s total net production of 374,000 barrels of oil equivalent per day in the first quarter of 2023. Production offshore Guyana from the Stabroek block and Liza field was more than triple the 30,000 bopd for the 2022 quarter, the company said.

1739 Hess Corporation descubrimiento petroleo bloque stabroek Noble Don Taylor interna
The well was drilled by the Noble Don Taylor drillship.

Hess Corporation develops the Payara and Yellowtail projects

The company also announced that the third development, Payara, which will use the Prosperity FPSO with a production capacity of approximately 220,000 gross bopd, is scheduled to start early in the fourth quarter.

Meanwhile, the fourth development, Yellowtail, was sanctioned in April 2022 and will use the One Guyana FPSO with a production capacity of approximately 250,000 bopd gross, with first production planned for 2025. Hess has said government and regulatory approvals are awaited for a fifth development, Uaru, with a production capacity of around 250,000 gross bopd.

In the first quarter of 2023, the New York-listed company raked in $405 million in net exploration and production revenue, down from $460 million in the same period of 2022 despite higher production as prices fell. The company has sold nine cargoes of oil from Guyana between January and March 2023, compared to two in the first quarter of 2022.

The discovery of Lancetfish-1 on the Stabroek block follows a first discovery announced by the Hess Corporation on January 25, Fangtooth SE-1. The company has made nine discoveries in the Stabroek block in 2022 and has now announced two in 2023.

Source : https://petrobanca.com/hess-encuentra-petroleo-de-nuevo-en-alta-mar-en-guyana/

Internal photo : Noble Corporation

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