Hess Corporation NEWS

The repeated storms which entered the US this year lead to the shutdown of many O&G production facilities from time to time. Affected, Hess Corp HES.N forecasted a decline of 25,000 bpd in the current quarter on top of about 19,000 bpd loss in the prior quarter. W&T Offshore WTI.N also forecasted a fall in its O&G production for the fourth quarter, with an added $5 million to its shut-ins cost.

US oil and gas producer Hess Corp underwent a smaller than expected loss on Wednesday. Hess said the average selling price of its crude oil, fell 35.4% in the second quarter to $39.03 a barrel. Its quarterly total costs and expenses fell over 27% to $1.1 billion. Crude prices sank to extreme lows due to the global crisis however higher output and lower costs helped offset a plunge in oil prices.

Oilfield services giant, Halliburton has informed that its XtremeGrip liner hangers have been installed at a record depth in the Hess-operated Stampede Deepwater development. Halliburton installed 37 XtremeGrip expandable liner hangers across seven wells in the Gulf of Mexico project, with no liner-top leaks or requirement for remedial work. The XtremeGrip system provides effective and reliable isolation without costly cement remediation.

Hess Corporation, yesterday, informed about its ninth oil discovery in Guyana. Oil was discovered in the Hammerhead-1 well, offshore Guyana. This is fifth in the line of oil discoveries made by Hess in the past year. High-quality, oil-bearing sandstone reservoir was encountered in the Hammerhead-1 well at 60 meters of drilling. The well was then carefully bored till 4,225 meters depth.

Hess Corporation-owned Shannon LNG has chosen New Fortress Energy to execute the development of the LNG terminal project in Ireland. Re-gasification of LNG received from tankers will be carried out, before delivering it into the national gas network in Ireland. The gas delivery will be done via the 26 km pipeline linked to a connection at Foynes. Operations at Shannon LNG Terminal are expected to commence from 2020.

Hess Guyana (Block B) Exploration Limited, the subsidiary of Hess Corporation, signed an agreement with Esso Exploration and Production Guyana Limited (ExxonMobil) to acquire a 15% participating interest in the Kaieteur Block, offshore Guyana. This block is located approximately 250 km offshore the coast of Guyana, adjacent to the Stabroek Block, where Hess has a 30% work interest.

Marathon Oil Libya Ltd. which holds a 16.33% stake in Waha Concessions, Libya, has been acquired by French Total. With this, Total will get access to the potential area of exploration which measures 53 kilometre squares in the prolific Sirte basin. Currently, NOC (59.18%), Total (16.33%), ConocoPhillips (16.33%) and Hess (8.16%) jointly own the Waha Concessions. The Waha Oil Company, a 100% NOC owned entity, operates the asset.