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05 Jan 2022

Hess Announces Two Discoveries Offshore Guyana

Hess Corporation (NYSE: HES) today announced two significant discoveries at the Fangtooth-1 and Lau Lau-1 wells on the Stabroek Block offshore Guyana. These discoveries will add to the block’s previously announced gross discovered recoverable resource estimate of approximately 10 billion barrels of oil equivalent.

The Fangtooth-1 well encountered approximately 164 feet (50 meters) of high quality oil bearing sandstone reservoirs. The well was drilled in 6,030 feet (1,838 meters) of water by the Stena DrillMAX and is located approximately 11 miles (18 kilometers) northwest of the Liza Field.

The Lau Lau-1 well encountered approximately 315 feet (96 meters) of high quality hydrocarbon bearing sandstone reservoirs. The well was drilled in 4,793 feet (1,461 meters) of water by the Noble Don Taylor and is located approximately 42 miles (68 kilometers) southeast of the Liza Field.

“We are excited to announce two more significant discoveries on the Stabroek Block,” CEO John Hess said. “Positive results at Fangtooth, our first standalone deep exploration prospect, confirm the deeper exploration potential of the Stabroek Block. Both discoveries further underpin our queue of future low cost development opportunities. We continue to see the potential for at least six FPSOs on the Stabroek Block in 2027 with a production capacity of more than 1 million gross barrels of oil per day, and up to 10 FPSOs to develop the discovered resources on the block.”

Separately, the Liza Unity floating production storage and offloading (FPSO) vessel is undergoing hookup and commissioning after arriving in Guyanese waters in October 2021. The Unity is on track to start production in the first quarter of 2022 with a production capacity of approximately 220,000 gross barrels of oil per day.

The hull for the Prosperity FPSO vessel, the third development on the Stabroek Block at the Payara Field, is complete and topside construction activities are ongoing in Singapore for planned production start-up in 2024. The Field Development Plan and Environmental Impact Assessment for the fourth potential project, Yellowtail, have been submitted for government and regulatory review.

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

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