Increase in recoverable resource estimate for Stabroek Block and significant discovery at Cataback, offshore Guyana

Source: press release, 7 October 2021

‘Noble Tom Madden’ drillship
‘Noble Tom Madden’ drillship (photo: Noble Corporation)

Hess Corporation has announced an increase in the gross discovered recoverable resource estimate for the Stabroek Block offshore Guyana to approximately 10 billion barrels of oil equivalent, up from the previous estimate of more than 9 billion barrels of oil equivalent.

The updated resource estimate includes another significant discovery on the Stabroek Block at the Cataback well. The well encountered 74 metres of net pay in high quality hydrocarbon bearing sandstone reservoirs of which 31 metres is oil bearing. Cataback is located approximately 6 kilometres east of Turbot-1 and was drilled in 1,807 metres of water by the Noble Tom Madden.

CEO John Hess says, “We are pleased that Cataback is our 21st significant discovery on the Stabroek Block and further underpins the potential for future developments. We continue to see multibillion barrels of additional exploration potential remaining on the block.”

The Stabroek Block is 26,800 square kilometres. ExxonMobil affiliate Esso Exploration and Production Guyana Limited is operator and holds 45% interest in the Stabroek Block. Hess Guyana Exploration Ltd. holds 30% interest and CNOOC Petroleum Guyana Limited holds 25% interest.