Hess Corporation’s oil & gas proved reserves up in 2019

Oil&Gas Materials 29 January 2020 19:01 (UTC +04:00)
Hess Corporation’s oil & gas proved reserves up in 2019

BAKU, Azerbaijan, Jan. 29

By Leman Zeynalova – Trend:

Oil and gas proved reserves of the US Hess Corporation at December 31, 2019, which are subject to final review, were 1,197 million barrels of oil equivalent (boe), compared with 1,192 million boe at December 31, 2018, Trend reports citing the company.

“Net proved reserve additions and revisions in 2019 of 121 million boe, included net negative revisions due to lower commodity prices of 35 million boe. The net additions and revisions were primarily related to the Bakken and Guyana. The Corporation replaced 104 percent of its 2019 production (134 percent excluding price revisions) at a finding, development and acquisition cost of approximately $22.70 per boe ($17.60 per boe excluding price revisions),” the company said in its report.

The company’s net production from the Bakken increased 38 percent to 174,000 boepd from 126,000 boepd in the prior-year quarter, with net oil production up 28 percent to 106,000 barrels of oil per day (bopd) from 83,000 bopd, primarily due to increased drilling activity and new plug and perf well completion design.

“Natural gas and NGL production was also higher due to the increased drilling activity, additional natural gas captured from the Little Missouri 4 natural gas processing plant that commenced operations in late July 2019, and additional volumes received under percentage of proceeds contracts resulting from lower prices,” reads the report.

This is while net production from the Gulf of Mexico was 70,000 boepd, compared with 68,000 boepd in the prior-year quarter.

Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas.

The company has an industry-leading position in a key U.S. shale play -- the Bakken in North Dakota. Hess is also one of the largest producers in the deepwater Gulf of Mexico and a key natural gas producer and supplier to Peninsular Malaysia and Thailand. The company is engaged in exploration and appraisal activities offshore Guyana, participating in one of the industry’s largest oil discoveries in the past decade with the first phase of a planned multi-phase development of the Stabroek Block in Guyana underway.


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