(Hess, 26.Oct.2022) — Hess Corporation (NYSE: HES) today announced two new discoveries at the Yarrow-1 and Sailfin-1 wells on the Stabroek Block offshore Guyana. The discoveries, which are the eighth and ninth this year, will add to the block’s previously announced gross discovered recoverable resource estimate of approximately 11 billion barrels of oil equivalent.
The Yarrow-1 well encountered approximately 75 feet (23 meters) of high quality oil bearing sandstone reservoirs. The well was drilled in 3,560 feet (1,085 meters) of water and is located approximately 9 miles (14 kilometers) southeast of the Barreleye-1 discovery.
The Sailfin-1 well encountered approximately 312 feet (95 meters) of high quality hydrocarbon bearing sandstone reservoirs. The well was drilled in 4,616 feet (1,407 meters) of water and is located approximately 15 miles (24 kilometers) southeast of the Turbot-1 discovery.
The Banjo-1 exploration well was drilled earlier in the third quarter and did not encounter commercial quantities of hydrocarbons.
“We are excited to announce two more discoveries on the Stabroek Block, bringing our total this year to nine,” CEO John Hess said. “These discoveries will add to the discovered recoverable resource estimate for the block of approximately 11 billion barrels of oil equivalent, and we expect to be producing more than 1 million gross barrels of oil per day in 2027.”
Hess and its co-venture partners currently have four sanctioned developments on the Stabroek Block. The Liza Phase 1 and Phase 2 developments are currently operating at their combined gross production capacity of more than 360,000 barrels of oil per day. The third development at Payara is on track to come online at the end of 2023 utilizing the Prosperity FPSO with a production capacity of approximately 220,000 gross barrels of oil per day. The fourth development, Yellowtail, is expected to come online in 2025, utilizing the ONE GUYANA FPSO with a production capacity of approximately 250,000 gross barrels of oil per day.
A Plan of Development is expected to be submitted to the Government of Guyana before year end for a fifth development, Uaru, which is expected to come online at the end of 2026 with a gross production capacity of approximately 250,000 barrels of oil per day.
The Stabroek Block is 6.6 million acres. ExxonMobil affiliate Esso Exploration and Production Guyana Limited is operator and holds 45 percent interest in the Stabroek Block. Hess Guyana Exploration Ltd. holds 30 percent interest and CNOOC Petroleum Guyana Limited holds 25 percent interest.