Executives at Hess Corporation are ecstatic about the prolific success of the Stabroek Block which to date, has chalked up 16 discoveries. Upon contemplation of same recently, Hess’ Chief Executive Officer (CEO), John Hess noted that the successes work out to 500 million barrels of oil per discovery. “That’s world-class!” the official added.
The CEO was also keen to highlight that Guyana’s offshore discoveries are going to be very low cost in terms of development while delivering high returns for investors.
“…So far, ExxonMobil has done a great job of optimizing the development, lowering the costs. The learnings from ship one (Liza Destiny FPSO), have helped us in ship two (Liza Unity) and that will continue in ship three (Prosperity) …(So) Exxon is doing a great job moving the project forward,” the Hess CEO said.
For 2020, Hess, which holds a 30 percent stake in the Stabroek Block has budgeted US$3.0 billion for exploration and production projects in Guyana and the Bakken in the USA. The US$3.0 billion budget is allocated as follows: US$1.69 billion (56%) for production, US$860 million (29%) for offshore Guyana developments and US$450 million (15%) for exploration and appraisal activities.
