Hess, partners sanction Stampede development in the deepwater GoM

Hess Corp. and its partners will proceed with the development of Stampede, an oil and gas project in the deepwater Gulf of Mexico.

Offshore staff

SAN RAMON –Hess Corp. and its partners will proceed with the development of Stampede, an oil and gas project in the deepwater Gulf of Mexico.

Development pans of Stampede call for six subsea production wells and four water injection wells from two subsea drill centers tied-back to a Tension Leg Platform (TLP). A two-rig drilling programs is planned with the first rig commencing operations in 4Q 2015. First production is slated for 2018.

Gross topsides processing capacity for the project is about 80,000 b/d of oil and 100,000 b/d of water injection. Total estimated recoverable resources for Stampede are estimated in the range of 300-350 MMboe/d. Development is expected to cost $6 billion.

Discovered in 2005, Stampeded is situated 115 mi (185 km) south of Fourchon, Lousiana in Green Canyon blocks 468, 511, and 512. The field lies in about 3,500 ft (1,067 m) of water with a reservoir depth of 30,000 ft (9,144 m).

Hess has a 25% working interest in the project and is operator. Union Oil Company of California, a Chevron subsidiary, Statoil and Nexen Petroleum Offshore U.S.A. Inc. each have a 25% working interest.

10/29/2014

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