Oil and gas producer Hess Corp. on Jan. 25 forecast a small drop in output and set a $1.9 billion budget for 2021, most of it directed toward Guyana, touted as one of the most important new oil and gas discoveries in the last decade.
Hess, which is a part of a consortium with Exxon Mobil Corp. and China’s CNOOC Ltd., has made 18 discoveries totaling some 8 billion barrels of recoverable oil and gas in Guyana’s massive Stabroek Block, southwest of Kaieteur.
Hess forecast net production to average about 310,000 barrels of oil equivalent per day (boe/d) in 2021, excluding Libya, compared with 2020 estimate of 325,000 boe/d.
For 2020, the New York-based energy company estimated to spend $1.8 billion.
The company will also add a rig in North Dakota’s Bakken shale play in the first quarter, which operated just a single rig there since May in its efforts to slash production to cope with last year's oil price crash. It had six rigs in the Bakken at the start of last year.
2022-05-19 - The $7 billion “merger of equals transaction” of Centennial Resource Developement and Colgate Energy will create the largest pure-play E&P company in the Delaware Basin of the Permian.
2022-03-08 - Greylock CEO Kyle Mork told Hart Energy in an exclusive interview that the company’s oil production will increase roughly 2,000% as a result of the acquisitions.
2022-03-08 - The MD America Energy deal follows the successful acquisition of Hawkwood Energy for $650 million in August 2021, which marked WildFire Energy’s entry into the Eagle Ford Shale.
2022-03-09 - “The Chief transaction deepens our premium inventory, allowing us to allocate additional capital toward our world class Marcellus Shale position and accelerate returns for our shareholders,” Chesapeake CEO Nick Dell’Osso said.
2022-03-10 - Petro-Hunt completed the acquisition of predominantly operated oil and gas production and 21,430 net acres of leasehold in the Delaware Basin from Admiral Permian Resources, according to a recent company release.