Hess Corporation News

The National Ocean Industries Association (NOIA) board of directors has elected Tim Duncan, president & CEO of Talos Energy, as chairman and Paul Danos, owner, president and CEO of Danos, as vice chairman for the 2021-22 term. Duncan and Danos were confirmed in their positions during a virtual NOIA Board of Directors meeting on April 14.NOIA president Erik Milito said, “The offshore energy industry continuously lifts society in so many ways. The leadership from Tim and Paul will help NOIA continue to advocate successfully for the promise of American offshore energy.

ExxonMobil and the Hess Corporation announced an eighth oil discovery offshore Guyana at the Longtail-1 well, creating the potential for additional resource development in the southeast area of the Stabroek Block. The companies said approximately 78 meters of high-quality, oil-bearing sandstone reservoir was encountered. The well was drilled to 5,504 meters depth in 1,940 meters of water by the Stena Carron drillship on May 25, 2018. The Longtail-1 well is located approximately 5 miles west of the Turbot-1 well and follows previous discoveries on the Stabroek Block at Liza…

Hess Corporation has entered into an agreement to sell its interests in offshore Equatorial Guinea to Kosmos Energy and Trident Energy for a total consideration of $650 million, effective January 1, 2017. “This sale is a further step in our strategy to focus our portfolio by investing in higher return assets and divesting more mature, higher cost assets,” CEO John Hess said. “Proceeds from asset sales, along with cash on our balance sheet, are expected to fund the development of our truly world class investment opportunity offshore Guyana. During the first half of 2017, net production from the company’s assets in Equatorial Guinea averaged 28,000 barrels of oil per day. Hess holds an 85 percent paying interest and is operator.

BMT Scientific Marine Services (BMT), an international maritime design, engineering and risk management consultancy, has been selected by Hess Corporation to supply an Integrated Marine Monitoring System (IMMS) for the Stampede Tension Leg Platform (TLP) in the U.S. Gulf of Mexico. The system includes instrumentation to measure the environmental conditions impacting the TLP and the platform dynamic responses. The IMMS displays real-time sensor data in an easy to understand format to support platform marine operators, as well as collecting detailed data sets to support long term integrity asset monitoring. The Stampede TLP is another addition to the long list of floating production facilities that BMT has instrumented and serviced in the Gulf of Mexico over the past 15 years.

Chevron Corporation announced today that the Hess Corporation-operated Tubular Bells deepwater project, located in the U.S. Gulf of Mexico, has started crude oil and natural gas production. The field is located 135 miles (217 km) southeast of New Orleans, in approximately 4,300 feet (1,310 m) of water in the Mississippi Canyon area. The discovery well was drilled in 2003, and project construction began in October 2011. Tubular Bells is expected to deliver total production of approximately 50,000 barrels of oil-equivalent per day producing from three wells. "The deepwater Gulf of Mexico plays a significant part in our earnings and production growth.

Chevron Corporation announced today that its subsidiary, Union Oil Company of California (Union), has reached a final investment decision to proceed with the development of the Hess Corporation-operated Stampede project in the deepwater U.S. Gulf of Mexico. Stampede is a deepwater subsea development, which will be tied-back to a newly constructed Tension Leg Platform. The project design capacity will be 80,000 barrels of crude oil per day. Project cost is expected to be approximately $6 billion. The drilling program includes a total of six production and four water injection wells. Drilling is planned to commence in the fourth quarter 2015 with first production expected in 2018.

Ship bunker suppliers Aegean Marine Petroleum Network release financial and operating results for the fourth quarter ended December 31st, 2013, registering a third consecutive profitable year. Recorded sales volumes of 2,384,376 metric tons in Q4 2013 and 9,941,061 for the full year. Recorded gross profit of $75.0 million in Q4 2013 and $286.0 million for the full year. Recorded operating income of $14.5 million for the quarter and $48.8 million for the full year. Recorded net…

Aegean Marine says it has secured a $150 million uncommitted working capital facility from ABN AMRO Capital USA to finance the working capital requirements of Aegean Bunkering (USA) LLC, which Aegean Marine recently formed to complete the acquisition of the former U.S. East Coast Bunkering business of Hess Corporation. "This $150 million working capital facility will support our expansion into the U.S. as we continue to execute on our strategy to grow revenues, strategically leverage our fixed infrastructure and drive profitability," said E. Nikolas Tavlarios, President of Aegean Marine.

Aegean Marine Petroleum Network Inc. says it has completed the previously announced acquisition of the U.S. East Coast bunkering business of Hess Corporation. The transaction, which includes bunkering operations that averaged 1.8 million metric tons in annual sales over the past three years, is valued at $30 million plus the value of the purchased inventory and also includes approximately 250,000 cubic meters of leased tank storage. This acquisition marks Aegean's entry into supplying customers in the U.S.

Greek-based Aegean Marine Petroleum Network Inc. has entered into an agreement to acquire the U.S. East Coast bunkering business of Hess Corporation. Hess Corporation is currently the leading marketer of marine fuels along the U.S. East Coast. The Hess bunkering operation and associated assets supply the heavily trafficked ports of New York, Philadelphia, Baltimore, Norfolk and Charleston, and include approximately 250,000 cubic meters of leased tank storage. Over the last three years, these bunkering operations averaged 1.8 million metric tons in annual sales.

Buckeye Partners, L.P. signed a definitive agreement with Hess Corporation and its subsidiaries to acquire 20 liquid petroleum products terminals with total storage capacity of approximately 39 million barrels for $850 million. The 19 domestic terminals are located primarily in major metropolitan locations along the U.S. East Coast and have approximately 29 million barrels of refined petroleum products storage capacity, including approximately 15 million barrels of capacity strategically located in New York Harbor. The terminal on St. Lucia in the Caribbean has approximately 10 million barrels of crude oil and refined petroleum products storage capacity and has deep-water access.

Hess Corporation announces that it has signed agreements with PETRONAS to develop the North Malay Basin, located offshore peninsular Malaysia. “The North Malay Basin Integrated Gas Development Project is consistent with our strategy to invest in long life, low risk reserves with attractive returns and exploration upside. The agreements creating the North Malay Basin Integrated Gas Development Project include amendments to the existing Production Sharing Contract for Block PM302, which is operated by Hess. The amendments enlarge the contract area to include nine discovered fields in the North Malay Basin for production of natural gas. PETRONAS has also awarded Blocks PM325 and PM326B to Hess and PETRONAS Carigali that will be explored, appraised and developed.

At the 150th Annual Meeting of the Members of ABS, three industry leaders were elected to the ABS Council. Following the Annual Meeting, the ABS Council met and elected industry leaders to both its Marine and Offshore Technical Committees. Individuals serving on the ABS Council and the Technical Committees help guide the class society in fulfilling its mission of promoting the security of life, property and the natural environment. “Classification represents the concept of self-regulation for the marine and offshore industry,” said ABS President and CEO Christopher J. Wiernicki.

The Bureau of Ocean Energy Management, Regulation and Enforcement (BOEMRE) today announced that public comment is invited with respect to four Environmental Assessments (EA) for Exploration Plans (EP). The EPs involve deepwater activity in the Gulf of Mexico and were completed in accordance with new safety and environmental standards implemented since the Deepwater Horizon explosion and oil spill. Consistent with federal regulations, an EP is deemed “submitted” once all supporting materials and documentation has been provided. Once a plan is deemed submitted, BOEMRE has 30 calendar days to analyze and evaluate it. The 30-day time frame…

On April 22, BOEMRE called for public comment to inform new deepwater environmental assessment. Statoil, Inc. and BHP Billiton Petroleum Americas have provided amendments to their exploration plans (EP). The amended plans have been deemed submitted on April 28, and the 30-day review of the proposed activities has re-started.   There are currently four deepwater EPs that have been deemed submitted. Shell Offshore, Inc.'s supplemental EP was amended and deemed submitted on April 12, 2011. Hess Corporation's supplemental EP is still available for public comment at: http://www.boemre.gov/PublicComment.htm

The Bureau of Ocean Energy Management, Regulation and Enforcement (BOEMRE) announced that public comment is invited with respect to an Environmental Assessment (EA) for a supplemental Exploration Plan (EP) submitted by Hess Corporation. This supplemental EP involves deepwater activity in the Gulf of Mexico and will be completed in accordance with new safety and environmental standards implemented since the Deepwater Horizon explosion and oil spill. The Supplemental EP includes three proposed exploratory wells in approximately 4,036 feet water depth, approximately 130 miles offshore Louisiana. Consistent with federal regulations, an EP is deemed “submitted” once all supporting materials and documentation has been provided.

Bisso Marine announced the addition of Andy Wojtaszczyk. Wojtaszczyk joins the company as Subsea Services project manager, managing saturation diving and ROV operations. Prior to joining Bisso Marine, Wojtaszczyk served as ROV superintendent in Equatorial Guinea for Bienvenue Consulting Services/Hess Corporation and ROV project manager for Offshore Innovative Solutions, Inc. Before that, he was SAT superintendent aboard the DPII DSV Midnight Hunter for Torch Offshore, Inc. (www.bissomarine.com)

Transocean Sedco Forex Inc. announced that it has been awarded contracts for two high specification floating drilling rigs and has received a contract extension on a third high-specification floating drilling rig. The semisubmersible Sovereign Explorer has been awarded a one-year primary term contract from Amerada Hess Corporation through its Triton Equatorial Guinea, Inc. business unit for drilling operations offshore Equatorial Guinea. The one-year contract, which provides for a one-year extension period, is expected to commence in early March 2002, following mobilization of the rig from the North Sea. Revenues expected to be generated over the one-year contract period, excluding mobilization and demobilization fees, could total approximately $33 million.

Rowan Companies, Inc. reported that an agreement has been reached to resolve a dispute over the Rowan Gorilla V contract between its subsidiary, British American Offshore Limited (BAO), and Amoco (UK) Exploration Company (Amoco UK), now owned by BP p.l.c. The settlement agreement was made between BP Amoco Corporation, BP Amoco p.l.c., BP Exploration Operating Company, BP America, Inc., Amoco (UK) Exploration Company ("Amoco UK"), Amoco Production Company, Amerada Hess Limited, Amerada Hess Corporation and Enterprise Oil p.l.c. (collectively, the "BP Amoco Affiliated Parties") on the one hand, and Rowan Companies, Inc., LeTourneau, Inc. and British American Offshore Limited ("BAO") (collectively, the "Rowan Affiliated Parties") on the other.

Todd Hornbeck, who has quickly yet judiciously built a sizeable marine company at Hornbeck Offshore Services, Inc. in just five years, shares with MarineNews the secrets of his success. Upon meeting with Todd Hornbeck, President and CEO of Hornbeck Offshore Services, Inc. at the literal epicenter of big oil dollars - the recent Offshore Technology Conference (OTC) in Houston - one is continuously struck with the contrasts of the man and mission. "Cutting edge, but very conservative and practical in our approach to business" is his description of the company. The son of a successful entrepreneur who survived the devastating oil downturn of the early to mid 1980s…

P-MAX tanker with the U.S. oil company Amerada Hess Corporation. rate will be $23,000 per day. run between the Caribbean and US East Coast. electricity. Production. ticker symbol AHC. freight economy. manoeuvrability. trafficked passages. command centres for manoeuvring. period starting November 2005. signed with the Russian logistics company Progretra.

Klas Eskilsson, head of Stena Bulk welcomed Hans Noren, President of Concordia Maritime, Kim Ullman, Executive Vice President and COO of Stena Bulk, along with other Stena executives and local dignitaries to the christening ceremony for Concordia Maritime’s new P-Max product tanker the Stena Performance. Mary Uhles, wife of Captain Douglas Uhles of Hess Corporation, has agreed to act as sponsor for Stena Performance. The vessel is on a five-year charter to Hess Corporation. The ceremony took place at Cruise Ship Terminal at the Port of Charleston. The Stena P-MAX has several features as a result of Stena and Concordia Maritime’s policy of building vessels with proactive safety as a central design criterion.

Concordia Maritime took delivery of Stena Performance, the forth vessel in the P-MAX series of total eight vessels. The vessel is as previously announced chartered for five years to the American oil company Amerada Hess Corporation.