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Eleventh and 12th discoveries made at
Tilapia-1 and Haimara-1 wells in southeastern part of Stabroek Block
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Discoveries add to previously announced gross discovered
recoverable resource of more than 5 billion barrels of oil equivalent
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Growing Turbot area expected to progress to a major development
hub; baseline 4-D seismic in progress
Hess Corporation (NYSE:HES) today announced positive results from the
Tilapia-1 and Haimara-1 wells offshore Guyana, bringing the total number
of discoveries on the Stabroek Block to 12.
“These two discoveries demonstrate the continuing exploration potential
on the prolific Stabroek Block and add to the previously announced gross
discovered recoverable resource estimate of more than 5 billion barrels
of oil equivalent,” said CEO John Hess.
Tilapia Discovery
Tilapia-1 encountered approximately 305 feet (93 meters) of high quality
oil bearing sandstone reservoir and was drilled to a depth of 18,786
feet (5,726 meters) in 5,850 feet (1,783 meters) of water. The well is
located approximately 3.4 miles (5.5 kilometers) west of the Longtail-1
well. In addition to Tilapia-1 the Turbot area includes the Turbot,
Longtail and Pluma discoveries.
The Noble Tom Madden drillship began drilling the well on Jan. 7 and
will next drill the Yellowtail-1 well, located approximately six miles
(10 kilometers) west of the Tilapia-1 well in the Turbot area. Baseline
4-D seismic data acquisition is underway.
Haimara Discovery
The Haimara-1 well encountered approximately 207 feet (63 meters) of
high quality, gas condensate bearing sandstone reservoir. The well was
drilled to a depth of 18,289 feet (5,575 meters) in 4,590 feet (1,399
meters) of water. It is located approximately 19 miles (31 kilometers)
east of the Pluma-1 well and is a potential new area for development.
The Stena Carron drillship began drilling the well on Jan. 3 and will
next return to the Longtail discovery to complete a well test.
Stabroek Block Development Advances
The previous 10 discoveries on the Stabroek Block established the
potential for at least five floating, production storage and offloading
(FPSO) vessels producing more than 750,000 barrels of oil per day by
2025.
The Liza Phase 1 development is progressing on schedule and is expected
to begin producing up to 120,000 barrels of oil per day in early 2020,
utilizing the Liza Destiny FPSO. Liza Phase 2, which will use a second
FPSO designed to produce up to 220,000 barrels of oil per day, is
expected to startup by mid 2022. A third development, Payara, is
expected to startup as early as 2023.
The Stabroek Block is 6.6 million acres (26,800 square kilometers).
ExxonMobil affiliate Esso Exploration and Production 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, a wholly-owned subsidiary of CNOOC 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 http://www.hess.com.
Cautionary Statements
This news release contains projections and other forward-looking
statements within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934. These
projections and statements reflect the company’s current views with
respect to future events and financial performance. No assurances can be
given, however, that these events will occur or that these projections
will be achieved, and actual results could differ materially from those
projected as a result of certain risk factors. A discussion of these
risk factors is included in the company’s periodic reports filed with
the Securities and Exchange Commission.
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 disclosure relating to proved reserves in
Hess’ 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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