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The agreements creating the
PETRONAS has also awarded Blocks PM325 and PM326B to Hess and PETRONAS Carigali that will be explored, appraised and developed.
"
Hess will have a 50 percent working interest and become operator of the
project, which is expected to add discovered net resources of 80 million
to 100 million barrels of oil equivalent to Hess’ portfolio. First
production is forecast to commence in 2013 at a net rate of
approximately 40 million cubic feet of natural gas per day and increase
in 2015 to an estimated 125 million cubic feet per day. The project will
require a net investment for Hess of approximately
Forward Looking Statements
Certain statements in this conference call may constitute "forward-looking statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended. Forward-looking statements are subject to known and unknown risks and uncertainties and other factors that may cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, uncertainties inherent in the measurement and interpretation of geological, geophysical and other technical data.
Source:
Hess Corporation
Investor:
Jay
Wilson, (212) 536-8940
or
Media:
Jon
Pepper, (212) 536-8550