Oil & Gas: Hess acquires 15% interest in Kaieteur Block from ExxonMobil

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Hess Corporation today announced that its subsidiary, Hess Guyana (Block B) Exploration Limited, has reached an agreement with Esso Exploration and Production Guyana Limited (EPPGL), a subsidiary of  ExxonMobil to acquire a 15 per cent participating interest in the Kaieteur Block, offshore Guyana.

This is according to a statement  from Hess on the Business Wire, which outlined that the “Cooperative Republic of Guyana has provided Hess and ExxonMobil an instrument detailing the transfer of interest, which has been completed.”

Hess also has a 30 per cent working interest in the Stabroek Block.

“Our interest in the Kaieteur block extends our company’s already significant acreage position in the prolific Guyana-Suriname Basin, which has delivered seven world class oil discoveries to date,” said CEO John Hess. “We look forward to working with our partners and the Government of Guyana to evaluate the potential of this highly prospective acreage.”

The Kaieteur block is located approximately 155 miles (approximately 250 kilometers) offshore the coast of Guyana, adjacent to the Stabroek Block.

The Kaieteur Block is approximately 3.3 million acres (approximately 13,535 square kilometers), which is equivalent in size to more than 580 deepwater blocks in the Gulf of Mexico.

According to Hess, “the work program in 2018 will include processing and interpretation of approximately 5,700 square kilometers of 3D seismic data and evaluation of a future drilling program.”

Hess noted as significant, the fact that the Kaieteur Block lies in the same geological basin as the Stabroek Block, where total recoverable resources of more than 3.2 billion barrels of oil equivalent have been discovered to date by Exxon.

Apart from Hess and EPPGL, Ratio Guyana Limited and Cataleya Energy Limited both have a a 25 per cent stake in the Kaieteur Block.

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