- Estimate of gross discovered recoverable resources for the Stabroek Block increased to more than 4 billion barrels of oil equivalent
- Planning underway for a third phase of development
- Total discoveries to date establish potential to produce over 750,000 barrels per day by 2025
The increase follows completion of testing at the Liza-5 appraisal well, a discovery at Ranger, incorporation of results from the eighth discovery on the Block at the Longtail exploration well into the Turbot area evaluation, and completion of the Pacora discovery evaluation. This evaluation supports a third phase of development and consideration of two additional phases. There is potential for additional development phases from significant undrilled targets and plans for rapid exploration and appraisal drilling, including at the Ranger discovery.
“The Stabroek Block is a massive world class resource that keeps getting
bigger and better,” CEO
The Liza phase 1 development sanctioned in
The Liza-5 well, which successfully tested the northern portion of the
Liza Field, along with the giant Payara Field will support a third phase
of development in
The Longtail discovery established the Turbot-Longtail area as a potential development hub for recovery of more than 500 million barrels of oil equivalent. Additional prospects to be drilled in this area could increase this estimate.
The collective discoveries on the Stabroek Block to date have established the potential for up to five FPSOs producing over 750,000 barrels per day by 2025.
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
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