- Stabroek Block recoverable resources increased by 2 billion barrels of oil equivalent
- Uaru is the 16th discovery on the block; will be incremental to new resources estimate
- Fifth drillship expected in 2020
The new recoverable resources estimate includes 15 discoveries offshore
Uaru encountered approximately 94 feet (29 meters) of high quality oil-bearing sandstone reservoir. The well, drilled in 6,342 feet (1,933 meters) of water, is located approximately 10 miles (16 kilometers) northeast of the Liza Field.
Oil production from Liza Phase 1 commenced on
The Liza Unity FPSO will be employed for the second phase of the Liza development and will have a production capacity of 220,000 gross barrels of oil per day. Liza Unity is under construction and expected to start production by mid 2022.
Pending government approvals and project sanctioning, production from a third development at the Payara field, located north of the Liza discoveries, could start as early as 2023, reaching an estimated 220,000 gross barrels of oil per day.
Four drillships in
The Stabroek Block is 6.6 million acres. At least five FPSOs are expected to be producing more than 750,000 gross barrels of oil per day from the block by 2025.
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 oil and gas disclosures in Hess Corporation’s Form 10-K, File No. 1-1204, available from