Hess: Prosperity to reach its initial production of 220K gross BPD over 1H24

Hess announced startup of production from the Payara development on the Stabroek Block offshore Guyana, utilizing the Prosperity floating production, storage and offloading FPSO vessel. The Prosperity is expected to reach its initial production of 220,000 gross barrels of oil per day over the first half of 2024 as new wells are brought online. Production capacity on the Stabroek Block is now approximately 620,000 gross barrels of oil per day. The Prosperity FPSO arrived in Guyana in April 2023. It is moored in water depth of about 6,300 feet and will develop an estimated resource base of more than 600 million barrels of oil. “We are proud to be a partner in the successful development of this world class oil resource for the benefit of the people of Guyana and all other stakeholders and congratulate ExxonMobil as operator for outstanding project execution,” CEO John Hess said. “The world will need these low cost oil resources to meet future energy demand and help ensure an affordable, just and secure energy transition.” The Stabroek Block is 6.6 million acres. ExxonMobil Guyana Limited is operator and holds 45% interest in the Stabroek Block. Hess Guyana Exploration Ltd. holds 30% interest and CNOOC Petroleum Guyana