Hess

Hess Corp. sold its stake in the Shenzi development to BHP for $505 million to help pay its share of the cost of developing discoveries offshore Guyana.

With oil prices still low, Hess decided to sell a stake in one offshore project to help pay to develop a much larger one.

Putting together the billions of dollars needed to develop deepwater finds has become tougher, but when the discoveries are huge, companies will make every effort to find a way to tap what may be a cheap source of oil.

Salk’s Harnessing Plants Initiative will receive a $12.5 million gift from Hess to advance two projects to enhance plants’ natural ability to store carbon and mitigate the effects of climate change: the CO2 Removal on a Planetary Scale (CRoPS) program and the Coastal Plant Restoration (CPR) program.

Guyana continues to strengthen its reputation as the world’s fastest growing offshore exploration hotspot.

First oil from the 120,000-B/D Liza Destiny FPSO is flowing ahead of schedule.

First oil from the 120,000-B/D Liza Destiny floating production, storage, and offloading vessel, which arrived on the block in late August, is targeted for December.

The Esox-1 well encountered 58 m of high-quality oil-bearing Miocene reservoirs and will be tied back to Tubular Bells production facilities.

Aker BP expects the unmanned facility, a further development of the Valhall field in the Norwegian North Sea, to recover 60 million BOE. Startup is expected sometime this fall.

Following a 42-day journey from Singapore, the Liza Destiny has arrived at the Stabroek Block offshore Guyana, where it is expected to produce up to 120,000 gross boe/D from the ExxonMobil-operated deepwater project upon startup.