Hess Corp to Launch Whiptail, A New Oil Development Expected to Yield 250,000 Barrels Daily by 2027
Portfolio Pulse from Benzinga Newsdesk
Hess Corporation (NYSE:HES) has announced the final investment decision to proceed with the Whiptail development in the Stabroek Block, expected to yield 250,000 barrels of oil daily by 2027. The project, valued at $12.7 billion, aims to exploit over 850 million barrels of oil, featuring up to 10 drill centers and 48 wells.
April 12, 2024 | 11:28 am
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Hess Corp's Whiptail development, with a $12.7 billion investment, is set to significantly boost its oil production capacity by 250,000 barrels per day by 2027.
The announcement of the Whiptail development represents a significant expansion in Hess Corp's production capabilities and resource base. The substantial investment and the expected increase in daily oil production by 2027 are likely to be viewed positively by investors, potentially leading to an increase in the company's stock price in the short term. The project's scale and its impact on Hess's overall production capacity underline its importance to the company's growth strategy.
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