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Exxon expects 25 percent more oil from Guyana's offshore block

December 03, 2018 at 09:49 am EST

(Reuters) - Exxon Mobil Corp and its partners now expect the large Stabroek oil block offshore Guyana to contain 25 percent more recoverable oil than previously estimated, the companies said on Monday.

Exxon and Hess Corp said more than 5 billion barrels of oil equivalent could be recovered from the Stabroek block, which is part of one of the biggest oil discoveries in the world in the last decade.

The companies had previously estimated 4 billion barrels of oil equivalent could be recovered from the block.

The block has "potential for at least five FPSOs (floating storage, production and offloading vessels) producing more than 750,000 barrels of oil per day by 2025," Hess Chief Executive Officer John Hess said.

China's CNOOC is also part of the consortium.

(Reporting by Shanti S Nair in Bengaluru; Editing by Saumyadeb Chakrabarty)

Stocks mentioned in the article

Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Price	Change	5d. change	Capi.
EXXON MOBIL CORPORATION	121.5 USD	+0.79%	+1.91%	477B
HESS CORPORATION	157 USD	+0.51%	+4.50%	47.98B
DEERE & COMPANY	398.5 USD	-0.28%	+1.40%	111B
LINE CORPORATION	5,350 JPY	-.--%	-0.19%	12.52B

John Hess

Mr. John B. Hess is a Chairman & Chief Executive Officer at Hess Midstream GP LLC, a Chief Executive Officer at Hess Midstream GP LP, a Chairman & Chief Executive Officer at Hess Midstream LP, an Independent Director at KKR & Co., Inc., an Independent Director at KKR Management LLC, a Chairman & Chief Executive Officer at Hess Midstream Operations LP, a Chief Executive Officer & Director at Hess Corp. and a Member at The National Petroleum Council. He is on the Board of Directors at KKR & Co., Inc., KKR Management LLC, Hess Corp., American Petroleum Institute, Inc., Hess Foundation, Institute For Sports Medicine Research, The Business Council, The Trilateral Commission, Center for Strategic & International Studies, Inc., Deerfield Academy, The Economic Club of New York, The Mount Sinai Hospital, The New York Public Library, United Cerebral Palsy Research & Educational Foundation and Lincoln Center for the Performing Arts, Inc. Mr. Hess was previously employed as a Chairman & Chief Executive Officer by Hess Midstream Partners GP LLC, a Chairman & Chief Executive Officer by Hess Midstream Partners GP LP, an Independent Director by The Dow Chemical Co., and a Trustee by Wildlife Conservation Society. He also served on the board at Council on Foreign Relations, Inc. He received his undergraduate degree from Harvard College and an MBA from Harvard Business School.

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HESS CORPORATION	Chief Executive Officer
Hess Midstream Operations LP Hess Midstream Operations LP Integrated OilEnergy Minerals Hess Midstream Operations LP owns, develops, acquires, and operates midstream infrastructure assets. The company is headquartered in Houston, TX.	Chief Executive Officer