Hess Announces 10th Discovery and Increased Stabroek Block Resource Estimate Offshore Guyana
Hess Corporation Logo header
SEARCH

Hess Announces 10th Discovery and Increased Stabroek Block Resource Estimate Offshore Guyana

  • Hess Stena Carron Ship
12.03.2018
Hess announced a tenth discovery offshore Guyana at the Pluma-1 well on the Stabroek Block. As a result of this new discovery and further evaluation of previous discoveries, the estimate of discovered recoverable resources for the Stabroek Block has been increased to more than 5 billion barrels of oil equivalent, up from the previous estimate of more than 4 billion barrels of oil equivalent announced in July 2018.

“Guyana is a truly world class investment opportunity with multi billion barrels of additional exploration potential,” CEO  John Hess  said. “The growing resource base on the Stabroek Block further underpins the potential for at least five FPSOs producing more than 750,000 barrels of oil per day by 2025.”

Full story
Related News
  • John Hess Discusses Oil Price Collapse, Company’s Unique Strengths on CNBC’s Fast Money

    CEO John Hess addressed the far-reaching impact of the oil price war on CNBC’s Fast Money on March 12, saying: “The economic problem we're facing today is a lot more than oil, and the oil price crash could be a catalyst that propels the world into an economic recession.”
    Full story
  • Hess Announces Significant Reduction to 2020 Capital and Exploratory Budget

    Hess Corporation today announced a revised $2.2 billion capital and exploratory budget for 2020, an $800 million reduction from the previous budget of $3.0 billion. The company also announced a new $1.0 billion three year term loan agreement. These actions further strengthen the company’s cash position and financial liquidity in response to the sharp decline in oil prices.
    Full story
  • Hess Corporation to Give $12.5 Million Gift to the Salk Institute to Accelerate Development of Plant-Based Carbon Capture and Storage

    Salk’s Harnessing Plants Initiative (HPI) will receive a $12.5 million gift from Hess Corporation to advance two projects to enhance plants’ natural ability to store carbon and mitigate the effects of climate change: the CRoPS program and the Coastal Plant Restoration program. These projects build on the Salk discovery of a crucial gene that will help the team develop plants with larger root systems capable of absorbing and storing potentially billions of tons of carbon per year from the atmosphere.
    Full story