Hess Corporation | Worldwide Oil & Gas Exploration
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  • Stena Carron drills an exploration well at Skipjack in the Stabroek Block offshore Guyana.

    A Focused Strategy to Deliver Material Long-Term Value

    Hess’ exploration strategy is to create future growth options that deliver long-term value by focusing on proven and emerging oil-prone plays in the Atlantic Basin – areas our exploration team understands well and that leverage our offshore drilling and development capabilities.

Multiple Prospects and Play Types Offshore Guyana

The Stabroek Block, located approximately 120 miles offshore Guyana, is 6.6 million acres (26,800 square kilometers). It is equivalent in size to 1,150 Gulf of Mexico OCS blocks and contains multiple prospects and play types. Esso E&P Guyana Ltd is the operator and has a 45 percent working interest, while Hess Guyana Exploration Ltd has 30 percent interest and Nexen Petroleum Guyana Ltd has 25 percent interest.

The first exploration well drilled on the Stabroek block, Liza-1, resulted in a significant oil discovery, logging 295 feet of high quality oil-bearing sandstone reservoir. The second well, Liza-2, encountered more than 190 feet (58 meters) of oil-bearing sandstone reservoirs in Upper Cretaceous formations. An extensive well evaluation program was performed and it confirmed Liza to be a world-class oil discovery with estimated gross recoverable resource between 800 million and 1.4 billion barrels of oil equivalent. A third well was spud in September 2016 to further appraise the discovery.

Exploration drilling in Nova Scotia is planned to commence in 2018.

An Emerging Play in Nova Scotia

Hess has partnered with operator BP to explore four deepwater licenses offshore Nova Scotia, which combined are equal in size to 600 deepwater Gulf of Mexico OCS blocks. Although a frontier area, based on 3D seismic data, the geology appears analogous to deepwater Gulf of Mexico. Exploration drilling is currently planned to commence in 2018. Hess has a 40 percent working interest.

The Block 42 contract area, which is located offshore Suriname in the Suriname-Guyana basin along the northeast margin of South America.

Surveying in the Guyana-Suriname Basin

In 2016, Hess Suriname Exploration Limited, a wholly-owned subsidiary of Hess Corporation, acquired a one-third non-operated interest in the Block 42 contract area, which is located offshore Suriname in the Guyana-Suriname basin along the northeast margin of South America. A 3D seismic survey is planned to commence in the third quarter of 2016.

Kosmos Energy is the operator and has 33.3 percent working interest, while Hess Suriname Exploration Ltd. and Chevron Corporation each have 33.3 percent interest.