Hess expects another 23 lifts of one-million barrels of oil from Guyana this year

With two oil ships operating in the prolific Stabroek Block offshore Guyana, Hess Corporation expects that there will be another 23 lifts of one million barrels of oil there for the rest of 2022.

Hess has a 30 per cent interest in the Stabroek Block; Esso Exploration and Production Guyana Limited (EEPGL), ExxonMobil’s local affiliate, is the operator of this block.

And based on information provided in the Corporation’s first-quarter earnings, released on Wednesday, Guyana’s first oil ship – the Liza Destiny – has expanded its production capacity from 120,000 barrels per day to 140,000 barrels per day.

With this oil ship currently producing 130,000 barrels of oil per day in the Liza Phase 1 development, where Guyana’s oil production first began in 2019, it is expected to reach full capacity by the second quarter of 2022.

The Liza Unity, the second oil ship, is expected to reach its production capacity of approximately 220,000 gross barrels per day during the third quarter of this year. Production with this vessel started only this year.

With these expectations of the oil ships, Hess said that seven one-million barrel lifting are expected in the second quarter of this year, while eight one-million barrel lifting are expected in both the third and fourth quarters.

The corporation also noted that it sold approximately 2.3 million barrels of oil from Guyana in the first quarter of this year.

Across all of these projects, Hess reported a net first-quarter income of US $417 million compared to the US $252 million earned in the first quarter of 2021.