05.25.2016
On April 29, Upstream featured a profile of Hess’ Stampede deepwater development project and projected that it will leave the company well positioned when market conditions improve.
The $6 billion Hess-operated Stampede oil and gas development in the Gulf of Mexico is one of just a trickle of greenfield projects keeping operators busy in today’s low oil price environment.
The U.S. independent has identified the tension-leg platform as one of its key investments, positioning the company for a strong rebound when market conditions improve.
“The project leverages Hess’ proven capability to safely execute deep-water development projects,” project director Stephen Whitaker said. “When it comes on stream, anticipated in 2018, we expect it to provide a significant contribution to Hess’ future growth.”
Hess is pushing ahead with its second major standalone development in the US Gulf in recent years, having secured first oil in late 2014 at its Tubular Bells project via the Gulfstar 1 spar in the Mississippi Canyon area.
Stampede, which spans Green Canyon blocks 468, 511 and 512, is regarded by its project partners as one of the largest undeveloped fields in the deep-water US Gulf, with gross recoverable resource estimated at between 300 million and 350 million barrels of oil equivalent.
Hess holds a 25% operating stake in the project, with US supermajor Chevron, Norway’s Statoil and Nexen, wholly-owned by China’s CNOOC Ltd, also holding stakes of 25% each.
Click here to read “Stampeding out of the Slump.”