Hess Corp. sanctions Uaru development offshore Guyana

Hess "announced it has made a final investment decision to proceed with Uaru, the fifth development on the Stabroek Block, after receiving government and regulatory approvals. Uaru will have a production capacity of approximately 250,000 gross barrels of oil per day with production targeted to startup in 2026. The $12.7 billion Uaru development will target an estimated resource base of more than 800 million barrels of oil and include up to 10 drill centers and 44 production and injection wells. MODEC is constructing the floating production, storage and offloading vessel for Uaru, which will be called Errea Wittu, under an Engineering, Procurement and Construction contract."