- Pluma-1 well encountered 121 feet of high-quality, hydrocarbon-bearing sandstone reservoir
- Estimate of gross discovered recoverable resources for the Stabroek Block increased to more than 5 billion barrels of oil equivalent
- Growing resource base reinforces potential for at least 5 floating storage, production and offloading vessels producing more than 750,000 barrels of oil per day by 2025
Pluma-1 encountered approximately 121 feet (37 meters) of high-quality,
hydrocarbon-bearing sandstone reservoir. Pluma-1 reached a depth of
16,447 feet (5,013 meters) in 3,340 feet (1,018 meters) of water. The
Noble Tom Madden drillship began drilling on
“Guyana is a truly world class investment opportunity with multi billion
barrels of additional exploration potential,” CEO
The Liza Phase 1 development is expected to begin producing up to 120,000 barrels oil per day by early 2020, utilizing the Liza Destiny floating storage, production and offloading vessel (FPSO). As previously announced, Liza Phase 2 is expected to start by mid 2022. Pending government and regulatory approvals, Liza Phase 2 project sanction is expected in early 2019 and will use a second FPSO designed to produce up to 220,000 barrels of oil per day. Sanctioning of a third development, Payara, is also expected in 2019 with start up as early as 2023.
The Stabroek Block is 6.6 million acres (26,800 square kilometers).
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
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