Offshore staff
NEW YORK – Hess is budgeting capex of $3.7 billion this year for its E&P activities.
The company will allocate $225 million for production programs at its operated North Malay Basin project offshore Peninsular Malaysia and the Malaysia/Thailand Joint Development Area (Hess 50%) in the Gulf of Thailand.
A further $125 million will go toward production investments in the Gulf of Mexico, including drilling of two tieback wells as well as seismic acquisition and processing.
For the Stabroek Block offshore Guyana (Hess 30%), the company will set aside $90 million for the Liza Phase 1 and Phase 2 developments, which are currently producing more than 360,000 bbl/d, and $1.21 billion for the new developments at Payara, Yellowtail and Uaru.
Payara should come online by year-end 2023 with a gross production capacity of about 220,000 bbl/d. Yellowtail should follow in 2025 (250,000 bbl/d), with Uara onstream at the end of 2026, also at 250,000 bbl/d.
Hess will commit a further $150 million for Guyana’s Gas to Energy project, with first gas expected by year-end 2024, and $250 million, mainly for FEED work for future development phases on the Stabroek Block.
Finally, the company is budgeting $550 million to drill about 10 exploration and appraisal wells on the Stabroek Block, two wells in the Gulf of Mexico and one well offshore Newfoundland, Canada; and for seismic acquisition and processing in Guyana, Suriname and the deepwater Gulf of Mexico.
01.25.2023
