Hess Ranked Second Globally for Exploration Value Creation

Drilling success in Guyana in 2018 earned Hess the number two spot in the industry for value created from wildcat drilling according to an annual exploration review by Rystad Energy. Only Exxon, co-owner and operator of the Stabroek Block, offshore Guyana, ranked higher.

Hess built on that success with the Feb. 6 announcement of two new discoveries offshore Guyana in the southeastern part of Stabroek Block, bringing the total number to 12. The estimated gross discovered recoverable resources for the block is approximately 5.5 billion barrels of oil equivalent, up from a resource estimate late last year of more than 5 billion barrels of oil equivalent.

Hess Guyana Exploration Ltd. holds 30 percent interest in the Stabroek Block. ExxonMobil affiliate Esso Exploration and Production Guyana Limited is operator and holds 45 percent interest and CNOOC Petroleum Guyana Limited, a wholly-owned subsidiary of CNOOC Limited, holds 25 percent interest.

The Stabroek Block discoveries established the potential for at least five floating, production storage and offloading vessels producing more than 750,000 barrels of oil per day by 2025.