Latest update April 18th, 2024 12:59 AM
May 08, 2020 News
– Says company had to charter three Supertankers to store its oil
As a result of the unprecedented reduction in demand due to COVID-19, Hess Corporation reported yesterday that commercial storage in the United States is expected to reach capacity in the second quarter.
Taking this frightening reality into account, the company’s Chief Executive Officer (CEO), John Hess said that curtailments and shut-ins of production by the industry would be required. Regarding measures it had to take, Hess revealed that the company had to charter three Very Large Crude Carriers (VLCCs) to store two million barrels each of May, June and July North Dakota Bakken crude that is expected to be sold in the fourth quarter of 2020.
Further to this, the company said that slowing economic activity caused by the pandemic has impacted natural gas nominations in the North Malay Basin (NMB) and Joint Development Area assets in Southeast Asia.
In Guyana, Hess noted that ExxonMobil has temporarily idled two of the four drilling rigs on the Stabroek Block due to pandemic-related travel restrictions. The official said that the Liza Destiny floating production, offloading, and storage vessel (FPSO) is expected to reach its full capacity of 120,000 gross barrels of oil per day (bopd) in June, with April gross production of approximately 75,000 bopd. Despite pandemic-related delays, he said that the Liza Phase Two development remains on schedule to start production in 2022.
JAGDEO ADDING MORE DANGER TO GUYANA AND THE REGION
Apr 18, 2024
SportsMax – West Indies captain Hayley Matthews has been named Wisden’s leading Twenty20 Cricketer for 2023, as she topped all and sundry, including her male counterparts. Alan Gardner looks...Kaieteur News – Compliments of the Ministry of Education, our secondary school children are being treated to a stage... more
By Sir Ronald Sanders Waterfalls Magazine – On April 10, the Permanent Council of the Organization of American States... more
Freedom of speech is our core value at Kaieteur News. If the letter/e-mail you sent was not published, and you believe that its contents were not libellous, let us know, please contact us by phone or email.
Feel free to send us your comments and/or criticisms.
Contact: 624-6456; 225-8452; 225-8458; 225-8463; 225-8465; 225-8473 or 225-8491.
Or by Email: [email protected] / [email protected]