Hess Corporation, Exxon’s partner in the Stabroek Block, yesterday assigned a huge portion of its 2021 exploration and production budget to Guyana citing the attractive breakeven oil price here of between US$25 and US$35 per barrel.
According to a Business Wire release, of its 2021 Exploration & Production capital and exploratory budget of US$1.9 billion, more than 80% will be allocated to Guyana and the Bakken (Bakken is one of the newest, and most productive oil fields in Midwest United States). Of the dedicated 80%, 65% or US$1.230 billion has been earmarked for Hess Guyana’s development, exploration and appraisal exclusively. According to the release, Hess’s 2021 budget for Guyana will see allocation towards development of US$780 million or 41%, and US$450 million or 24% for exploration and appraisal of projects in Stabroek Block and other expenditures.