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Stabroek Block co-venturers plan 12-15 well drilling campaign – Hess
Kaieteur News – The companies licenced to explore and develop the Stabroek Block intend to execute a 12-15 well drilling campaign there, according to a recent announcement by Hess Corporation.
The American company announced its plan for exploration and production in 2021, yesterday.
From its 2021 Exploration and Production capital and exploratory budget of US$1.9 billion, the bulk of US$450 million will finance the drilling of exploration and appraisal wells in the block, with the remainder going toward well planning in the Surinamese Block 42, seismic acquisition and processing in Guyana and the Deepwater Gulf of Mexico, and for licence acquisitions.
The companies have already made 18 commercial discoveries after drilling 22 wells.
Hess’s further allocation to Guyana represents its position as a prime business destination in its portfolio. Chief Executive Officer of Hess, John Hess said, “Our capital programme reflects our disciplined approach in the current oil price environment to preserve cash, core capabilities and the long term value of our assets.”
“The majority of our 2021 budget is allocated to Guyana,” he said, “where our three sanctioned oil developments have a Brent breakeven oil price of between $25 and $35 per barrel, and to the Bakken, where we have a large inventory of future drilling locations that generate attractive financial returns at current prices. By investing only in high return, low cost opportunities, we have built a differentiated portfolio of assets that we believe will provide industry leading cash flow growth over the course of the decade.”
In Guyana, of its 2021 development funding, the company has plugged US$25 million into its Liza Phase One development which has been producing since December, as well as US$450 million and US$235 million for the upcoming Liza Phase Two and Payara developments.
Hess has a 30 percent stake in the Stabroek block, along with ExxonMobil (Operator – 45 percent) and CNOOC (25 percent).
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