NEW YORK--(BUSINESS WIRE)--Jun. 30, 2016--
Hess Corporation (NYSE:HES) today announced positive results from the
Liza-2 exploration well in the Stabroek block offshore Guyana. The
results confirm a world-class oil discovery with estimated recoverable
resource for the Liza prospect of between 800 million and 1.4 billion
barrels of oil equivalent.
“We are very encouraged by the drilling results to date of the Liza
prospect, which we believe has the potential to materially contribute to
our resource base and future production growth,” John Hess, CEO of Hess
Corporation, said. “In addition to the Liza prospect, we continue to
evaluate the resource potential on the broader Stabroek block with
additional exploration drilling planned.”
The Liza wells are located in the Stabroek block approximately 120 miles
(193 kilometers) offshore Guyana. The Stabroek block is 6.6 million
acres (26,800 square kilometers).
“We look forward to working with our co-venture partners and the
government of Guyana to move this exciting prospect toward a
commercialization decision,” Hess said.
The Liza-2 well was drilled by ExxonMobil affiliate Esso Exploration and
Production Guyana Ltd., approximately 2 miles (3.3 km) from the Liza-1
well. The Liza-2 well encountered more than 190 feet (58 meters) of
oil-bearing sandstone reservoirs in Upper Cretaceous formations. The
well was drilled to 17,963 feet (5,475 meters) in 5,551 feet (1,692
meters) of water.
Esso Exploration and Production Guyana Limited holds 45 percent interest
in the Stabroek block and is operator. Hess Guyana Exploration Ltd.
holds 30 percent interest and CNOOC Nexen Petroleum Guyana Limited holds
25 percent interest.
Hess Corporation is a leading global independent energy company engaged
in the exploration and production of crude oil and natural gas. More
information on Hess Corporation is available at http://www.hess.com.
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 Securities and Exchange Commission.
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 Hess Corporation, 1185
Avenue of the Americas, New York, New York 10036 c/o Corporate Secretary
and on our website at www.hess.com
You can also obtain this form from the SEC on the EDGAR system.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160630005614/en/
Source: Hess Corporation
Jay Wilson, 212-536-8940