GUYANA-ENERGY-US-based oil company targeting December for first oil from Guyana.

 
FREE EXCERPT

The US-based Hess Corporation Wednesday said it is now targeting December for first oil from the Liza-1 development in Guyana.

Oil production was initially set to begin in the first quarter of 2020, but according to the Hess Corporation hief executive officer, John Hess, 'in September, we announced our 14th discovery in the Stabroek Block at Tripletail, offshore Guyana and are now targeting December for first oil from the Liza-1 development.'

The Stabroek Block is operated by ExxonMobil with a 45% interest while Hess and CNOOC Petroleum have 30% and 25% interest, respectively.

Hess, which reported a net loss of US$205 million in the third quarter of 2019, compared with a net loss of US$42 million, said the Liza Phase 1 development is now targeted to commence production in December of this year and will produce up to 120,000 gross bopd utilizing the Liza Destiny FPSO, which arrived in Guyana on August 29 this year.

The Liza Phase 2 development was sanctioned in May 2019 and will use the Liza Unity FPSO to produce up to 220,000 gross bopd, with first oil expected by mid-2022.

'Pending government approvals, a third development, Payara, is expected to produce up to 220,000 bopd with start-up in 2023,' the company said.

Hess said also that exploration and development drilling...

To continue reading

FREE SIGN UP