Hess Corporation hits new oil find in Guyana

GEORGETOWN, April 27, 2023 – Hess Corporation has discovered oil at an exploration well on the prolific Stabroek block offshore Guyana, the American independent announced in its Q1 2023 report.

The company drilled the Lancetfish-1 well using the Noble Don Taylor rig in water depths of 1,780 metres and encountered around 28 metres of oil-bearing sandstone.

The find is located around 6,440 metres from the Fangtooth discovery, which hit pay again in January 2023.

The company also announced that the Kokwari-1 exploration well that was drilled within Q1 2023 did not encounter commercial volumes of oil and gas.

Additionally, Hess Corporation posted net income of USD 346 million in Q1 2023, a decrease from net income of USD 417 million in the same quarter in 2022. The company cited lowered commodity prices for the decline in profits.

However, the company raised its global net production of oil and gas in Q1 2023 by 36% from the same quarter in 2022, reaching 374,000 boepd.

Hess Corporation and its partners are accelerating development of the Stabroek block in Guyana.

Two producing FLNG vessels are currently stationed at the concession, the Liza Destiny and the Liza Unity. Net production from the two assets was 112,000 bopd in Q3 2023.

Two additional FLNGs are under construction that will be deployed at the Payara and Yellowtail fields on the block, the Prosperity and One Guyana respectively.

The Prosperity FLNG has a planned capacity of 220,000 bopd. The asset arrived on the Stabroek in April 2023 and hook up and commissioning activities are underway.

The One Guyana FLNG will have a production capacity of 250,000 bopd, with first production anticipated in 2025.

Hess Corporation is awaiting government confirmation of its development plans for the Uaru play on the Stabroek block. First oil on the field is expected by the end of 2026. The play has an expected production capacity of 250,000 bopd.

ExxonMobil operates the Stabroek block with a 45% stake, while partners Hess Corporation holds a 30% stake and China National Offshore Oil Corporation holds the remaining 25% stake.

Read our latest insights on: