Hess Announces First Production From Payara Development, Offshore Guyana
Portfolio Pulse from Benzinga Newsdesk
Hess Corporation (NYSE:HES) has announced the commencement of production from the Payara development on the Stabroek Block offshore Guyana. The Prosperity FPSO, which will be used for production, is expected to reach an initial production of 220,000 gross barrels of oil per day by the first half of 2024. The Stabroek Block's production capacity has now increased to approximately 620,000 gross barrels of oil per day. The Payara development is the third of multiple planned oil developments on the block, with future projects expected to bring the total production capacity to over 1.2 million barrels per day by the end of 2027.
November 14, 2023 | 1:28 pm
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Hess Corporation has begun oil production at the Payara development, which is expected to significantly contribute to the company's production capacity and revenues with an additional 220,000 barrels per day.
The start of production at Payara represents a significant increase in Hess Corporation's production capacity, which is likely to have a positive impact on the company's future revenue and profitability. The news indicates successful project execution and expansion of operations, which are typically viewed favorably by investors and could lead to a short-term increase in stock price.
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