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Wired News – Hess Acquires Stake in Kaieteur Block Offshore Guyana

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LONDON, UK / ACCESSWIRE / April 30, 2018 / Active-Investors.com has just released a free research report on Hess Corp. (NYSE: HES).www.active-investors.com/registration-sg/?symbol=HES as the Company's latest news hit the wire. On April 26, 2018, the Company, which is an American global independent energy Company engaged in the exploration and production of crude oil and natural gas, declared that its subsidiary, Hess Guyana (Block B) Exploration Ltd, has entered into an agreement with Esso Exploration and Production Guyana Ltd (ExxonMobil) to acquire a 15% participating interest in the Kaieteur Block, offshore Guyana. Register today and get access to over 1000 Free Research Reports by joining our site below:


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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Hess most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:


In this regard, the Cooperative Republic of Guyana has awarded Hess and ExxonMobil an instrument with significant details about the transfer of interest.

The Kaieteur Block, Guyana

The Kaieteur block is located nearly 155 miles (or 250 kilometers) offshore the coast of Guyana, adjacent to the Stabroek Block. The Kaieteur block is spread across 3.3 million acres (or 13,535 square kilometers) and it is equivalent to over 580 deep-water blocks in the Gulf of Mexico.

In fact, the Kaieteur Block is placed in the same geological basin as the Stabroek Block, where total recoverable resources of over 3.2 billion barrels of oil equivalent have been found till date. Also, at present, Hess has a 30% working interest in the Stabroek Block.

Deal To Extend Hess' Acreage in Guyana-Suriname Basin

The work schedule for the Kaieteur Block for 2018 comprises processing and interpretation of approximately 5,700 square kilometers of 3D seismic data and evaluation of a future drilling program.

John Hess, Chief Executive Officer (CEO) at Hess, believes that this investment in the Kaieteur block would extend the Company's already strong acreage position in the prolific Guyana-Suriname Basin. This Guyana-Suriname Basin has provided seven world-class oil discoveries till date. Looking forward, Hess intends to work closely with its partners and the Government of Guyana to assess the potential of this highly prospective acreage.

Hess' Increasing Interest in Guyana and Bakken Assets

On January 31, 2018, Hess declared that its 2018 E&P capital and exploratory budget will be $2.1 billion, the same as for 2017. In the 2018 budget, the Company allocated increased capital for continuing exploration and development activities in offshore Guyana and Bakken, which includes growing the rig count from four rigs to six rigs. However, these increases are offset by lower capital allocations to the Gulf of Mexico and Malaysia, in comparison to 2017. In fact, on October 25, 2017, the Company sold its drilling rights in offshore Equatorial Guinea for a total consideration of $650 million to raise cash for its offshore development project in Guyana.

John Hess shared that the Company is allocating approximately two-thirds of its 2018 budget to the transformative investment opportunity in Guyana and to its low cost position in the core of Bakken. He believes that these two basins are expected to drive industry-leading returns for Hess' shareholders in the times to come.

Stock Performance Snapshot

April 27, 2018 - At Friday's closing bell, Hess' stock declined 3.10%, ending the trading session at $56.63.

Volume traded for the day: 6.11 million shares, which was above the 3-month average volume of 4.58 million shares.

Stock performance in the last month – up 16.21%; previous three-month period – up 5.48%; past twelve-month period – up 13.81%; and year-to-date - up 19.30%

After last Friday's close, Hess' market cap was at $18.70 billion.

The stock has a dividend yield of 1.77%.

The stock is part of the Basic Materials sector, categorized under the Independent Oil & Gas industry.


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