Global and Regional MarketsNewsThe Offshore Frontier

Hess announces two new discoveries offshore Guyana

Hess announced two new discoveries at the Seabob-1 and Kiru-Kiru-1 wells on the Stabroek Block offshore Guyana. The discoveries, which are the sixth and seventh this year, will add to the block’s previously announced gross discovered recoverable resource estimate of approximately 11 billion BOE.

The Seabob-1 well encountered approximately 131 ft (40 m) of high quality oil bearing sandstone reservoirs. The well was drilled in 4,660 ft (1,421 m) of water by the Stena Carron and is located approximately 12 mi (19 km) southeast of the Yellowtail Field.

The Kiru-Kiru-1 well encountered approximately 98 ft (30 m) of high quality hydrocarbon bearing sandstone reservoirs. The well was drilled in 5,760 ft (1,756 m) of water by the Stena DrillMAX and is located approximately 3 mi (5 km) southeast of the Cataback-1 discovery. Drilling operations at Kiru-Kiru are ongoing.

Hess and its co-venture partners currently have four sanctioned developments on the Stabroek Block. The Liza Phase 1 development, which began production in December 2019, reached its new production capacity of more than 140,000 gross bbl/day of oil in Q2 of 2022 following production optimization work on the Liza Destiny floating production, storage and offloading vessel (FPSO). The Liza Phase 2 development, which achieved first oil in February 2022 utilizing the Liza Unity FPSO, reached its production capacity of approximately 220,000 gross bbl/day of oil earlier this month.

The third development at Payara is on track to come online in late 2023 utilizing the Prosperity FPSO with a production capacity of approximately 220,000 gross bbl/day of oil. The fourth development, Yellowtail, will be the largest development to date and is expected to come online in 2025, utilizing the ONE GUYANA FPSO with a production capacity of approximately 250,000 gross bbl/day of oil.

At least six FPSOs with a production capacity of more than 1 million gross bbl/day of oil are expected to be online on the Stabroek Block in 2027, with the potential for up to 10 FPSOs to develop gross discovered recoverable resources.

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