Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Hess expects higher 2023 spending with focus on Guyana, Bakken

    Hess expects higher 2023 spending with focus on Guyana, Bakken

    January 25, 2023
    Share
    Facebook Twitter LinkedIn WhatsApp

    News wire — U.S. oil and gas producer Hess Corp on Tuesday forecast higher Exploration & Production (E&P) capital and exploratory budget of $3.7 billion for 2023, of which more than 80% would be allocated to Guyana and North Dakota’s Bakken shale field.

    The company forecast 2022 E&P capital and exploratory expenditure of about $2.7 billion.

    The oil and gas producer is part of a consortium which includes Exxon Mobil Corp that operates in Guyana, one of the world’s hottest oil drilling zones.

    Hess said 39% of the $3.7 billion budget is allocated for production, 46% for offshore Guyana developments and 15% for exploration and appraisal activities.

    The company added that $90 million was allocated to the Liza Phase 1 and Phase 2 developments on the Stabroek Block offshore Guyana, which are currently operating at a combined gross production capacity of more than 360,000 barrels of oil equivalent per day (boepd).

    Additionally, it said $1.21 billion would be allocated for the developments on Stabroek Block’s Payara, Yellowtail and Uaru projects.

    In the Bakken shale field, Hess said it plans to operate a four-rig program, helping the company to maximize free cash flow generation and further reducing unit costs.

    Hess expects its net production to average between 355,000 and 365,000 boepd in 2023, compared with its forecast of 325,000 boepd in 2022.

    In 2023, net production at Bakken is expected to average between 165,000 and 170,000 boepd and about 100,000 barrels of oil per day in Guyana.

    The New York City-headquartered company is scheduled to report fourth-quarter results on Wednesday, Jan. 25.

    Reporting by Sourasis Bose in Bengaluru; Editing by Vinay Dwivedi and Krishna Chandra Eluri – Reuters

    Follow us on twitter

    Related News

    AEC launches specialized advisory services to support African energy investments

    CEMAC, APPO and CABEF conclude tripartite agreement for the CAPS project

    NCDMB intervenes as Enerog, host communities resolve FTO dispute

    E-book
    Resilience Exhibition

    Latest News

    “We want reparations”, oil-affected Niger Delta victims demand action

    June 13, 2025

    Transocean Coatings establishes affiliate at SIIFZ

    June 13, 2025

    LASG approves seven dedicated truck parks for Lekki Port axis

    June 13, 2025

    NCDMB Executive Secretary joins AEW 2025 amid focus on enhancing local capacity

    June 13, 2025

    AfDB to provide $184.1m for Africa’s largest solar energy and battery storage project

    June 13, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.