Hess on Monday boosted its resource estimates offshore Guyana by 1 billion barrels of oil equivalent after a 10th discovery on the 6.6 million-acre Stabroek block.
The discovery, in the company's Pluma-1 well, increased the company's estimate of discovered recoverable resources for the block from 4 billion to 5 billion boe, the company announced.
The discovery, made by the Noble Tom Madden drillship, which began drilling on November 1, was from a well about 17 miles south of the Turbot-1 well.
"Guyana is a truly world class investment opportunity with multibillion barrels of additional exploration potential," Hess CEO John Hess said in a statement, adding the company estimates that it will produce more than 750,000 boe/d by 2025 from five or more floating production storage and offloading units offshore Guyana by 2025.
Hess' Lisa Phase 1 development offshore Guyana is expected to produce 120,000 boe/d by early 2020, with phase 2 expected to begin by mid-2022, producing up to 220,000 boe/d. The company's third development, Payara, is expected to begin in 2023.
The Stabroek is being developed by: Hess Guyana Exploration, which holds a 30% interest; Esso Exploration and Production Guyana, which is the operator and hold 45%; and CNOOC Nexen Petroleum Guyana, which holds 25%.
ExxonMobil, which is also developing oil resources in the Stabroek, estimated recoverable resources at over 4 billion boe. Tullow Oil estimates its offshore Orinduik block holds 3 billion boe.
In a recent interview with the Platts Capitol Crude podcast, Sonya Boodoo, a senior analyst at Rystad Energy, said she expects production offshore Guyana will peak at 800,000 b/d, but added there are a lot more discoveries possible.
