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Hess Sanctions Whiptail Development off Guyana

Hess Corporation (NYSE: HES) shares enjoy small gains Friday, on serving notice it has made a final investment decision to proceed with Whiptail, the sixth development on the Stabroek Block, after receiving government and regulatory approvals. Whiptail is expected to add gross production capacity of approximately 250,000 barrels of oil per day by the end of 2027.

The $12.7-billion Whiptail development will target an estimated resource base of more than 850 million barrels of oil and include up to 10 drill centers and 48 production and injection wells. The floating production, storage and offloading (FPSO) vessel for Whiptail, which will be called Jaguar, is under construction.

“We are excited to sanction Whiptail, our sixth oil development on the Stabroek Block, and remain on track to have six FPSOs online by the end of 2027 with a total gross production capacity of approximately 1.3 million barrels of oil per day,” CEO John Hess said. “We are proud to work with the Government of Guyana to realize the remarkable potential of this world class resource for the benefit of all stakeholders. The world will need these vital oil resources to meet future energy demand and help ensure an affordable, just and secure energy transition.”

HES shares took on 90 cents to $158.49.