logo
Plus   Neg
Share
Email

Hess Announces Sixth Oil Discovery Offshore Guyana

Hess Corp. (HES) announced positive results from the Ranger-1 exploration well, which is the sixth significant oil discovery on the Stabroek Block, offshore Guyana, since 2015.

The five previous discoveries on the block -- Liza, Payara, Snoek, Liza Deep and Turbot -- are now estimated to have total recoverable resources of more than 3.2 billion barrels of oil equivalent. Resources associated with the Ranger-1 discovery will be accretive to this estimate.

Following completion of the Ranger-1 well, the Stena Carron drillship will move to the Pacora prospect, 4 miles from the Payara discovery. Additional exploration drilling is planned on the Stabroek Block for 2018, including potential appraisal drilling at the Ranger discovery.

The Stabroek Block is 6.6 million acres. Esso Exploration and Production Guyana Limited is operator and holds a 45 percent interest in the Stabroek Block. Hess Guyana Exploration Ltd. holds a 30 percent interest and CNOOC Nexen Petroleum Guyana Limited holds a 25 percent interest.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Luxury online marketplace Farfetch has filed for an initial public offering or IPO to list its shares in the U.S. Farfetch has filed a F-1 registration statement with the U.S. Securities and Exchange Commission. The London-based company plans to list its shares on the New York Stock Exchange under the ticker 'FTCH.' Media reports indicate that IPO could value the company at up to $5 billion. Apple Inc. has reportedly removed more than 25,000 illegal apps from its App Store in China after coming under intense criticism from Chinese state media for failing to ban illegal online content on its platform. According to various media reports, the iPhone maker removed these illegal apps as they sold fake lottery tickets and offered gambling services. Hundreds of Google employees signed a petition protesting the company's secret project to develop a censored version of its search engine for China. In a letter, posted by Buzzfeed and first reported by the New York Times, the employees said that work on the project and Google's return to China raises "urgent moral and ethical issues." Google is trying to keep a foothold in China.
RELATED NEWS
Trade HES now with 
Follow RTT