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 » Oil producer Hess expects dip in 2021 output

    Oil producer Hess expects dip in 2021 output

    January 26, 2021
    Share
    Facebook Twitter LinkedIn WhatsApp

    News wire — Oil and gas producer Hess Corp on Monday forecast a small drop in output and set a $1.9 billion budget for 2021, most of which will go to Guyana, touted as one of the most important new oil and gas discoveries in the last decade.

    The company has been relying on its investment in offshore Guyana, one of the world’s most important oil and gas blocks in the last decade, which is being developed by a consortium led by oil major Exxon Mobil Corp .

    Hess has allotted $780 million, or 41% of its budget, to development activities in offshore Guyana.

    “We also will continue to invest in an active exploration and appraisal program, with 12-15 wells planned on the Stabroek Block (offshore Guyana),” said Chief Operating Officer Greg Hill.

    Hess forecast net production to average about 310,000 barrels of oil equivalent per day (boepd) in 2021, excluding Libya, compared with 2020 estimate of 325,000 boepd.

    For 2020, the New York-based energy company had estimated to spend $1.8 billion.

    The company will also add a rig in the first quarter in North Dakota’s Bakken shale play, adding to a single rig there since May. There were six rigs in the Bakken at the start of last year before the company slashed production to cope with a oil price crash.

    Bakken net production is estimated to average about 170,000 boepd in 2021, which despite the addition of a rig, would be below 2020’s estimated 190,000 boepd, partly hit by a planned 45-day turnaround activity at the Tioga Gas Plant in the third quarter cutting output by about 7,500 boepd in 2021.

    (Reporting by Arunima Kumar in Bengaluru; Editing by Shinjini Ganguli)

    Follow us on twitter

    Related News

    Military efforts slash crude oil theft, as Minister hails Armed Forces

    Nigerian Navy cracks down on oil theft, arrests 76 vessels in two years

    Petrol marketers supply 20m litres daily without subsidy – Edun

    Comments are closed.

    E-book
    Resilience Exhibition

    Latest News

    FG, States, LGCs share N1.659 revenue in May 2025

    June 22, 2025

    Military efforts slash crude oil theft, as Minister hails Armed Forces

    June 22, 2025

    Nigerian Navy cracks down on oil theft, arrests 76 vessels in two years

    June 22, 2025

    Rivers, Bayelsa left out as FG delivers life jackets to Kwara over boat mishaps

    June 22, 2025

    Nigeria commits $200m to health, eyes BRICS partnerships

    June 22, 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.