Hess Confirms World-Class Oil Discovery in offshore Guyana
Hess Corporation (NYSE:HES) announced positive results from the Liza-2 exploration well in the Stabroek block offshore Guyana. The results confirm a world-class oil discovery with estimated recoverable resource for the Liza prospect of between 800 million and 1.4 billion barrels of oil equivalent.
“We are very encouraged by the drilling results to date of the Liza prospect, which we believe has the potential to materially contribute to our resource base and future production growth,” John Hess, CEO of Hess Corporation, said. “In addition to the Liza prospect, we continue to evaluate the resource potential on the broader Stabroek block with additional exploration drilling planned.”
The Liza wells are located in the Stabroek block approximately 120 miles (193 kilometers) offshore Guyana. The Stabroek block is 6.6 million acres (26,800 square kilometers).
“We look forward to working with our co-venture partners and the government of Guyana to move this exciting prospect toward a commercialization decision,”
The Liza-2 well was drilled by ExxonMobil affiliate Esso Exploration and Production Guyana Ltd., approximately 2 miles (3.3 km) from the Liza-1 well. The Liza-2 well encountered more than 190 feet (58 meters) of oil-bearing sandstone reservoirs in Upper Cretaceous formations. The well was drilled to 17,963 feet (5,475 meters) in 5,551 feet (1,692 meters) of water.
Esso Exploration and Production Guyana Limited holds 45 percent interest in the Stabroek block and is operator. Hess Guyana Exploration Ltd. holds 30 percent interest and CNOOC Nexen Petroleum Guyana Limited holds 25 percent interest.
Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas.
Oil and Gas News Undiluted !!! “The squeaky wheel gets the oil”
Follow us on Twitter: @OilAndGasPress