Stabroek Block colleagues are planning a well designed 12-15 drill campaign – Hess
Kaieteur News – The companies licensed to explore and develop the Stabroek Block plan to operate a well drilling campaign 12-15 there, according to a recent announcement from Hess Corporation.
The American company announced its plan for exploration and production in 2021, yesterday.
Of its 2021 Exploration and Production capital and its US $ 1.9 billion exploration budget, the US $ 450 million majority will fund the drilling of exploration and appraisal wells in the block, with the rest going toward good planning in M block 42 Surinamese, seismic acquisition and processing in Guyana and the Deep Gulf of Mexico, and for license acquisitions.
The companies have already made 18 commercial discoveries after drilling 22 wells.
Hess’s further allocation to Guyana represents its position as a premier business destination in its portfolio. Hess CEO John Hess said, “Our capital program reflects our disciplined approach in the current oil price environment to retain cash, core capabilities and long-term value of our assets.”
“The majority of our 2021 budget is allocated to Guyana,” he said, “where our three approved oil developments have a Brent cost recovery oil price of between $ 25 and $ 35 a barrel, and to the Bakken, where we have inventory the future of drilling locations that generate attractive financial returns at current prices. By investing only in high-cost, low-earnings opportunities, we have built a differentiated portfolio of assets that we believe will deliver industry leading cash flow growth over the decade. ”
In Guyana, from its development funding for 2021, the company has plugged US $ 25 million into its Phase One Liza development which has been in production since December, as well as US $ 450 million and US $ 235 million for the upcoming Liza and Payara Phase Two developments.
Hess has a 30 percent stake in the Stabroek block, along with ExxonMobil (Operator – 45 percent) and CNOOC (25 percent).