Hess Corporation has received government approval to proceed with the $12.7 billion Whiptail development on the Stabroek Block, aimed at increasing production capacity by 250,000 barrels per day by 2027.

Overview of Whiptail Development

The Whiptail development project has received final government approval and marks Hess Corporation's sixth development on the Stabroek Block. With an investment of $12.7 billion, the project aims to enhance the block's gross production capacity by approximately 250,000 barrels of oil per day, with production targeted to commence in 2027. Moreover, the development is estimated to tap into a resource base of over 850 million barrels of oil, establishing up to 10 drill centers and involving the drilling of 48 production and injection wells.

Hess Corporation CEO John Hess expressed enthusiasm regarding the sanctioning of Whiptail, highlighting the company's commitment to maximize the potential of this world-class resource in collaboration with the Government of Guyana. The project is aligned with global energy demands and is expected to play a crucial role in ensuring an affordable and secure energy transition.

Industry Overview in Guyana

Guyana’s oil sector is experiencing a significant transformation driven by considerable offshore oil discoveries in the Stabroek Block. This 6.6 million acre block has become a focal point for exploration and production activities, attracting significant investment from major energy companies,