Hess Suffers Extended Outages in the Gulf of Mexico, but Announces Significant Guyana Discovery
No-moat Hess delivered production of 282 mboe/d in the fourth quarter, excluding Libya. This was well below guidance because of unplanned third-party downtime in the Gulf of Mexico, reducing quarterly volumes by around 17 mboe/d. Restoring production will be a gradual process, dragging on the first three quarters of 2018.The update on Guyana was more upbeat. The firm highlighted the sixth successful well on the Stabroek block, Ranger-1, which encountered oil-bearing carbonate (a less predictabl...
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