Hess sets spending at $3.9 billion for 2010

Hess Corp. has budgeted $3.9 billion in capital and exploratory spending for 2010, $700 million more than it budgeted for 2009.

Dec 15th, 2009

By OGJ editors
HOUSTON, Dec. 15
-- Hess Corp. has budgeted $3.9 billion in capital and exploratory spending for 2010, $700 million more than it budgeted for 2009.

In 2010 it plans to spend $2.4 billion for production, $600 million for development, and $850 million for exploration.

Key targets of the production expending include the Bakken shale in North Dakota, where Hess plans to increase its rig count to eight from three and to expand facilities; drilling at the Okume complex off Equatorial Guinea; and drilling in deepwater Shenzi oil and gas field in the Gulf of Mexico, Beryl oil field off the UK, and Valhall oil field off Norway.

Development spending mentioned by Hess includes Valhall redevelopment, work on the oil rim of Ujung Pahgkah gas field off Indonesia, and Pony oil field in the Gulf of Mexico.

Hess plans to fund five exploratory wells on Permit WA-390-P and eight on Permit WA-404-P on the North West Shelf off Australia and one exploratory well on BM-S-22 in the Santos basin off Brazil. Other exploratory spending will include projects in the deepwater Gulf of Mexico, Ghana, and Indonesia.

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