Hess boosts budget for 2017 including Gulf of Mexico offshore commitments

Hess boosts budget for 2017 including Gulf of Mexico offshore commitments

New York-based independent oil and gas driller Hess Corporation on Thursday struck an optimistic note for the coming year by announcing an 18% budget increase for E&P, including significant activity offshore Gulf of Mexico.

The $2.25bn budget is up from their actual spending in 2016 of $1.9bn.

Hess has a global reach that includes Europe, Africa, Asia and the Americas.

A Fortune 500 company, Hess is assigning $375m to deep-water prospects in the Gulf of Mexico, notably the drilling and completion of a production well at the Penn State field in which it has a 50% stake and is the operator.

And it is allocating $425m to development of the promising Stampede field, from which it hopes to be producing by 2018.

The upward trend contrasts with a year ago, when the company slashed its capital and exploratory spending budget by 40% following a heavy $1.8bn net loss in the final quarter of 2015.

Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.

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