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Guyana’s oil helped push Hess reserves to 1.44 billion at end of 2024
Kaieteur News- Hess Corporation has reported 247 million barrels of oil equivalent (boe) in net proved reserve additions and revisions in 2024, primarily from Guyana and the Bakken.
Hess Corporation Chief Executive Officer (CEO), John Hess (Guyana’s oil helped push Hess)
However, at the end of 2024, Hess total proved reserves stood at 1.44 billion boe, up from 1.37 billion boe in 2023. The company stated in its 2024 fourth-quarter release that the final reserves estimate is subject to review.
Hess also disclosed that it replaced 138% of its reserves. The company’s finding and development cost was US$19.67 per boe. Hess operates in Guyana, North Dakota’s Bakken formation, the Gulf of Mexico, Malaysia, and the Malaysia-Thailand Joint Development Area (JDA).
Guyana
This publication reported that Hess Chief Executive Officer (CEO), John Hess, had disclosed that his company’s estimate of discovered resources in Guyana’s Stabroek Block exceeds the less-than-11-billion-barrels-of-oil-equivalent figure shared by the operator of the block, ExxonMobil Guyana Limited.
The Stabroek Block, renowned for its vast oil potential, has been the subject of global attention since oil production commenced five years ago.
The Government of Guyana said last year that their figure stood at 11.6 billion while ExxonMobil’s President, Alistair Routledge, stated that the company’s estimate remains below 11 billion barrels of oil equivalent, despite eight new discoveries in the block since the previous update in 2022. At the Goldman Sachs ‘Research: Energy, Clean Tech & Utilities’ Conference Hess boss said, “Yeah, the operator, and we’ve had talks with Exxon about this as operator. They’re very conservative, they haven’t updated the 11 billion barrels equivalent, greater than 11 billion barrels equivalent of discovered resource. Our number is higher.”
(Guyana’s oil helped push Hess reserves to 1.44 billion at end of 2024)
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