Hess CEO Eyes 10 FPSOs In The Stabroek Block

(Energy Analytics Institute, 29.Oct.2020) — Hess Corporation CEO John Hess announced estimated resources offshore Guyana in the Stabroek Block were approximately 9 billion barrels of oil equivalent, and potentially requiring 10 floating production storage and offloading (FPSO) units to develop them.

“Incorporating the current assessment of additional volumes from the Redtail, Yellowtail-2, and Uaru discoveries, we are increasing the estimate of gross discovered recoverable resources for the Stabroek Block to approximately 9 billion barrels of oil equivalent,” Hess said 28 October 2020 during the company’s third quarter conference call with analysts.

Initial oil from the recently sanctioned Payara project — the company’s third project offshore with operator Exxon and China’s CNOOC — is expected in 2024, while five FPSOs on the Stabroek Block are needed to produce more than 750,000 gross barrels of oil per day there by 2026, Hess said.

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By Ian Silverman. © Energy Analytics Institute (EAI). All Rights Reserved.