Hess Announces Gulf of Mexico Oil Discovery

Hess Corporation (NYSE:HES) today announced an oil discovery at the Esox-1 exploration well located in Mississippi Canyon Block No. 726 in the deepwater Gulf of Mexico.

Esox-1 was drilled in 4,609 feet (1,405 meters) of water and encountered approximately 191 net feet (58 meters) of high quality oil bearing Miocene reservoirs. Esox-1 is located approximately 6 miles (10 kilometers) east of the Tubular Bells production facilities.

“We are delighted with the success of the Esox well, which demonstrates the value of our infrastructure led exploration program in the deepwater Gulf of Mexico,” CEO John Hess said. “We expect the well to be producing in the first quarter of 2020. As a low cost tieback to existing infrastructure, Esox should generate strong financial returns.”

Hess Corporation is operator and holds 57.14% interest in Esox; Chevron U.S.A. Inc. holds 42.86% interest.

Source / More : Hess Corporation

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