US-based Hess Corporation announced on January 5 that drilling results, likely to be released this month, for the Fangtooth oil field may indicate the requirement for a seventh platform offshore Guyana. Hess and CNOOC are partners in the Exxon Mobil-led consortium that controls all production in that country.
John Hess, CEO of Hess Corp., said during a presentation that Fangtooth, discovered in 2022, may be large enough to need its own platform. The consortium has already confirmed plans for six platforms, two of which are in operation; a third production vessel is expected to enter production by the end of the year.
The two operating platforms are now producing more than 360,000 bbl/day.
Hess projects that the six platforms will produce 1.2m barrels of oil equivalent per day (boepd) by 2027. Exxon’s estimates are lower, at 850,000 boepd. The consortium has estimated the resource at 11bn barrels of recoverable oil.
