Hess set for more Guyana benefits

The Stabroek block’s impact on the US independent’s business is only set to grow

The sheer scale of the ramp-up of oil production in Guyana can perhaps be obscured by looking at it through the lens of ExxonMobil, operator and 45pc stakeholder in the Stabroek block. Lacking the scale of a major, its transformative effect on New York-headquartered producer Hess, a 30pc partner in the field, is more apparent. Hess predicts that, having sold 2.3mn bl of oil from Guyana in the first quarter, it will have seven 1mn bl liftings in the second quarter—or an increase of over 130pc. Exports will rise further to eight 1mn bl liftings in both the third and fourth quarters. “This ramp in liftings from Guyana is expected to result in significant cash flow growth over the next three qua