Hess to allocate 80% of $3.7 billion budget to Guyana, Bakken

Hess Corp. will allocate 80% of its $3.7 billion capital and exploratory budget this year to Guynana developments and a four-rig drilling program in the US Bakken shale. Net production is forecast to average 355,000-365,000 boe/d in 2023. Bakken net production is forecast to average 165,000-170,000 boe/d and Guyana net production is forecast to average about 100,000 b/d of oil this year. Of the $3.7 billion, $1.45 billion (39%) is allocated for production. About $1.1 billion is expected to fund a four-rig program in the Bakken where the company expects to drill 110 gross operated wells and to bring online 110 wells in 2023. Funds are also included for investment in non-operated wells. Some $225 million is earmarked for production activities at North Malay Basin (Hess-operator, 50%) offshore Peninsular Malaysia and the Malaysia-Thailand joint development area (Hess, 50%) in the Gulf of Thailand. Another $125 million is allocated for production activities in the Gulf of Mexico, including drilling two tieback wells and seismic acquisition and processing. Development activities are expected to cost $1.7 billion (46%) in 2023, comprised of work offshore Guyana, where $90 million is allocated to Liza Phase 1 and Phase 2 developments on the Stabroek block […]

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