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Hess Corporation Message Board

  • sgj007 sgj007 Feb 22, 2011 1:56 PM Flag

    Hess exposure in Libya

    Looks like HESS does have large exposure in Libya, around 11% of proven reserves. Ouch!

    Article is from Reuters:

    FACTBOX-U.S. oil companies' interests in Libya

    Feb 22 (Reuters) - A burgeoning revolt in Libya led to a call from U.S. Senator John Kerry, who is chairman of the Senate Foreign Relations Committee, for all oil companies to cease operations in the country immediately. [ID:nL3E7DM0K1]

    Many U.S. oil companies have interests in Libya [ID:nLDE71K0RV]. The following are details of their exposure, based on their latest annual reports:

    CONOCOPHILLIPS (COP.N)

    ConocoPhillips, the third-largest U.S. oil company, holds a 16.3 percent interest in Libya's Waha concessions, which encompass nearly 13 million gross acres. Net oil production from Libya averaged 45,000 barrels per day in 2009 -- or 2 percent of worldwide output -- down from 47,000 bpd in 2008.

    MARATHON OIL CORP (MRO.N)

    Marathon has a 16 percent interest in the outside-operated Waha concessions in the Sirte Basin. Its 2009 exploration program included the drilling of four wells, along with five development wells. Net liquid hydrocarbon sales from Libya were 46,000 bpd in 2009, or 19 percent of its total. Marathon said on Tuesday its Waha production was normal. [ID:nN22280267]

    HESS CORP (HES.N)

    In 2009, Hess produced 22,000 bpd of crude from Libya, or 8 percent of its crude output. At the end of 2009, 23 percent of its proved reserves were in Africa, with Libya making up 11 percent of that. Along with its Oasis Group partners, Hess has operations in Waha, with an interest of 8 percent. Hess also owns all of Area 54 offshore, where it drilled an exploration well in 2008, followed in 2009 by a down-dip appraisal well.

    OCCIDENTAL PETROLEUM CORP (OXY.N)

    Occidental, the fourth-largest U.S. oil company, earned $243 million in net sales from Libya in 2009, or less than 2 percent of its total. Production increased in 2010, and Oxy has plans to double its output from Libya by 2014. [ID:nN19243152] (Compiled by Braden Reddall in San Francisco, with reporting by Anna Driver in Houston; Editing by Lisa Von Ahn)

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