Hess Building a War Chest With 2.5 Billion Barrel Offshore Discovery in Mind

By Alex Nussbaum (Bloomberg) -- With $2.7 billion in oilfield sales this week, Hess Corp. is making a calculated bet, giving up steady production today to help fund what could be one of the world’s biggest discoveries into the next decade. The oil explorer with operations on five continents said Tuesday that it’s selling North Sea assets off of Norway for $2 billion and … [Read more...]

Exxon, CNOOC, Hess Partner On $4.4 Billion Mega Oil Project In Guyana

By Ernest Scheyder (Reuters) Exxon Mobil Corp said on Friday it and partners would spend $4.4 billion to develop part of the Liza oilfield off the coast of Guyana, approving a megaproject at a time when the oil industry has grown obsessed with lower-cost shale. Exxon's decision shows that oil companies remain interested in large projects, especially offshore, even in an era … [Read more...]

Riskiest Oil Projects Crushed by Price Collapse

By Joe Carroll (Bloomberg) -- Dangerous and difficult oilfields that looked like goldmines when crude fetched more than $100 a barrel have turned into money pits as oil crashes to multi-year lows. Collapsing oil prices not only shrink profits for producers and imperil dividend payouts prized by investors, they can cripple a company’s future growth by starving it of cash … [Read more...]

Maersk Resolute Extended by Hess

Maersk Drilling reports today its jack-up rig Maersk Resolute will continue to be employed by Hess until April 2016 after four one-well contract options were exercised.  The estimated value of the extension is approximately USD $75 million. The rig is currently operating for Hess in the Danish sector of the North Sea at South Arne. Maersk Resolute is the second in a … [Read more...]

Hess and Partners Reach FID for Stampede Development

Hess, along with their joint venture partners Union Oil (Chevron), Statoil and Nexen, all of which have a 25 percent working interest, have reached a final investment decision to proceed with the development of the Stampede Development in the Green Canyon sector of the U.S. Gulf of Mexico. The total project cost is expected to be approximately $6 billion and will be operated by … [Read more...]