Hess Sanctions Whiptail Development Offshore Guyana
12 April 2024 - 1:26PM
Business Wire
- Whiptail development receives government approval;
production targeted to begin in 2027
- Sixth Stabroek Block development will add gross production
capacity of approximately 250,000 barrels of oil per day
- On track to deliver gross production capacity on the block
of approximately 1.3 million barrels of oil per day by end of
2027
Hess Corporation (NYSE: HES) today announced it has made a final
investment decision to proceed with Whiptail, the sixth development
on the Stabroek Block, after receiving government and regulatory
approvals. Whiptail is expected to add gross production capacity of
approximately 250,000 barrels of oil per day by the end of
2027.
The $12.7 billion Whiptail development will target an estimated
resource base of more than 850 million barrels of oil and include
up to 10 drill centers and 48 production and injection wells. The
floating production, storage and offloading (FPSO) vessel for
Whiptail, which will be called Jaguar, is under construction.
“We are excited to sanction Whiptail, our sixth oil development
on the Stabroek Block, and remain on track to have six FPSOs online
by the end of 2027 with a total gross production capacity of
approximately 1.3 million barrels of oil per day,” CEO John Hess
said. “We are proud to work with the Government of Guyana to
realize the remarkable potential of this world class resource for
the benefit of all stakeholders. The world will need these vital
oil resources to meet future energy demand and help ensure an
affordable, just and secure energy transition.”
Three developments on the Stabroek Block -- Liza Phase 1, Liza
Phase 2 and Payara -- are currently producing more than 640,000
gross barrels of oil per day. The fourth and fifth developments,
Yellowtail and Uaru, are in progress with production startup
targeted for 2025 and 2026 respectively. Each will have a gross
production capacity of approximately 250,000 barrels of oil per
day.
The Stabroek Block is 6.6 million acres. ExxonMobil Guyana
Limited is operator and holds 45 percent interest in the Stabroek
Block. Hess Guyana Exploration Ltd. holds 30 percent interest and
CNOOC Petroleum Guyana Limited holds 25 percent interest.
Hess Corporation is a leading global independent energy company
engaged in the exploration and production of crude oil and natural
gas. More information on Hess Corporation is available at
www.hess.com.
Cautionary Statements This news release contains
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Words such as
“anticipate,” “estimate,” “expect,” “forecast,” “guidance,”
“could,” “may,” “should,” “would,” “believe,” “intend,” “project,”
“plan,” “predict,” “will,” “target” and similar expressions
identify forward-looking statements, which are not historical in
nature. Our forward-looking statements may include, without
limitation, the expected number, timing and completion of our
development projects and estimates of capital and operating costs
for these projects; estimates of our crude oil and natural gas
resources and levels of production; and our future financial and
operational results. Forward-looking statements are based on our
current understanding, assessments, estimates and projections of
relevant factors and reasonable assumptions about the future.
Forward-looking statements are subject to certain known and unknown
risks and uncertainties that could cause actual results to differ
materially from our historical experience and our current
projections or expectations of future results expressed or implied
by these forward-looking statements. The following important
factors could cause actual results to differ materially from those
in our forward-looking statements: fluctuations in market prices or
demand for crude oil, natural gas liquids and natural gas,
including due to competing or alternative energy products and
political conditions and events; potential failures or delays in
increasing oil and gas reserves, including as a result of
unsuccessful exploration activity, drilling risks and unforeseen
reservoir conditions, and in achieving expected production levels;
changes in laws, regulations and governmental actions applicable to
our business, including legislative and regulatory initiatives
regarding environmental concerns; the ability of our contractual
counterparties to satisfy their obligations to us, including the
operation of joint ventures which we may not control; unexpected
changes in technical requirements for constructing, modifying or
operating exploration and production facilities and/or the
inability to timely obtain or maintain necessary permits; potential
disruption or interruption of our operations due to catastrophic
and other events, including climate change; risks and uncertainties
associated with our proposed merger with Chevron Corporation; and
other factors described in Item 1A—Risk Factors in our Annual
Report on Form 10-K and any additional risks described in our other
filings with the Securities and Exchange Commission. As and when
made, we believe that our forward-looking statements are
reasonable. However, given these risks and uncertainties, caution
should be taken not to place undue reliance on any such
forward-looking statements since such statements speak only as of
the date when made and there can be no assurance that such
forward-looking statements will occur and actual results may differ
materially from those contained in any forward-looking statement we
make. Except as required by law, we undertake no obligation to
publicly update or revise any forward-looking statements, whether
because of new information, future events or otherwise.
We use certain terms in this release relating to resources other
than proved reserves, such as unproved reserves or resources.
Investors are urged to consider closely the oil and gas disclosures
in Hess Corporation’s Form 10-K, File No. 1-1204, available from
Hess Corporation, 1185 Avenue of the Americas, New York, New York
10036 c/o Corporate Secretary and on our website at www.hess.com.
You can also obtain this form from the SEC on the EDGAR system.
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version on businesswire.com: https://www.businesswire.com/news/home/20240411200646/en/
Investors: Jay Wilson (212) 536-8940
jrwilson@hess.com
Media: Lorrie Hecker (212) 536-8250 lhecker@hess.com
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