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Hess Corporation Announces New Oil Discovery in Guyana’s Offshore Waters

The Lancetfish-1 Well Adds to the Consortium’s Over 30 Oil Finds in Guyana Since 2015

Hess Corporation Announces New Oil Discovery in Guyana’s Offshore Waters

Hess Corporation has announced a new oil discovery at the Lancetfish-1 well on the Stabroek Block off the coast of Guyana. The well was drilled in 5,843 feet of water and encountered approximately 92 feet of oil-bearing sandstone reservoir. Hess holds a 30% stake in the consortium, which is operated by ExxonMobil with a 45% interest. CNOOC holds a 25% stake in the acreage.

The discovery marks the latest of more than 30 oil finds in Guyana’s offshore waters since 2015. Hess said the discovery may help justify a new oil project. The company’s first two producing platforms are on track to deliver up to 400,000 barrels of oil and gas per day by year-end, up from 340,000 boepd initially planned.

In addition to the new discovery, Hess announced that its net oil and gas production rose 36% in the quarter to 374,000 boepd, primarily due to higher output in Guyana and North Dakota’s Bakken shale field. The company raised its full-year production outlook by nearly 3% to between 365,000 boepd and 375,000 boepd, citing strong operations during the first three months of 2023.

Hess reported a profit of $1.13 per share for the first quarter, and an adjusted profit of $1.30 per share, beating Wall Street’s expectations. The company sold nine cargoes of crude oil in the quarter, compared with two in the year-ago quarter. Despite the average realized crude oil selling price falling 19% to $76.02 per barrel in the quarter, the company’s shares rose 3.3% to $145.77 in morning trade.

Hess is planning to drill ten wells in the Stabroek Block in 2023. Meanwhile, the Kokwari-1 exploration well drilled during the first quarter did not encounter commercial quantities of hydrocarbons.

Source: https://www.reuters.com/article/hess-results/update-1-oil-producer-hess-beats-first-quarter-profit-makes-new-discovery-in-guyana-idINL4N36T37R

Date: 26 april 2023

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Tags:  CNOOC, Exploration Well, ExxonMobil, Guyana, Hess Corporation, Oil Discovery, Oil Drilling, Oil Exploration, Oil Revenues, Stabroek Block, The Golden Mile 

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