Monday, January 27, 2014

Hess plans $650m investment in oil for Ghana, other African countries in 2014

Hess Corporation has announced plans to invest $650 million for oil exploration and production works in its African operations including Ghana this year 2014.
The American oil firm operates in four African countries including Ghana, Algeria, Libya and Equatorial Guinea.
According to its 2014 Exploration and Production budget released January 23, 2014, Hess plans to use $5.8 billion of its budget to drill three appraisal wells and perform one drill stem test on the Deepwater Tano / Cape Three Points Block in Ghana.
Hess said it completed drilling its seventh consecutive successful exploratory well on the Deepwater Tano/Cape Three Points block about 44 miles offshore Ghana in 2013. It added that the wells were drilled by the Stena Drillmax drill ship in a range of water depths between 5,623 feet and 8,245 feet.
Hess indicated that it achieved outstanding drilling performance in terms of drilling time and cost per foot with gross costs averaging $40 million per well for the last three wells, including success case logging.
Of Hess’ $5.8 billion total budget for 2014, $2.85 billion (49 %) is dedicated to unconventional shale resources, with $1.475 billion (25 %) for production, $925 million (16%) for developments and $550 million (10%) for exploration.
“We plan to operate 17 rigs versus 14 last year and to bring 225 new operated wells online in 2014 compared to 168 in 2013,” Greg Hill, President of Hess said in a statement.
By Ekow Quandzie
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