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Hess Corporation oil and gas exploration summary

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Report summary

In the last five years Hess has successfully transitioned from an exploration-led, conventionally-biased, integrated IOC into a focused pure-play E&P company. It high-graded legacy assets and re-focused its high-impact deepwater exploration, to deliver sustainable, superior returns from five key areas: onshore US (unconventional), deepwater Gulf of Mexico, offshore West Africa, the Norwegian North Sea and the North Malay Basin. Additionally Guyana has delivered Hess' largest conventional discoveries of the last decade. This focus resulted in new resources of 4.7 billion boe being discovered over the last decade. Future exploration drilling is central to Hess' medium term strategy, and the company is committed to conventional exploration across a geographically-focused portfolio, with risk reduced through partnering. Full details are provided in our report, and all data and analysis can be downloaded in excel and pdf format.

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    Hess Corporation oil and gas exploration summary

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Table of contents

  • Executive summary
    • Upstream strategy
    • Exploration outlook
    • Evolution of exploration strategy
  • Investment and costs
    • Well data
  • Reserves and resources
    • Production from new field discoveries and organic unconventionals, and as a proportion of all future production
    • Good resource additions but commerciality is in question
    • Guyana
    • Ghana
    • Liquids-rich unconventional expansion gives reserves a boost

Tables and charts

This report includes 24 images and tables including:


  • Basins drilled and all conventional & organic unconventional discoveries 2007-2016
  • Exploration & appraisal spend and reinvestment
  • Exploration & appraisal spend by water depth
  • Investment and costs: Image 3
  • Discovery costs by water depth
  • Volumes discovered by year
  • Volumes discovered by water depth
  • Volumes discovered by country
  • Volumes discovered by basin
  • Net active exploration acreage by water depth
  • Net active exploration acreage by country
  • Exploration wells drilled and spend per well
  • Exploration success rates
  • Production: Image 1
  • Full cycle value creation by year, with uncons
  • Exploration returns by year, with uncons
  • Costs and development value by reserve category
  • Exploration returns by water depth


  • Ten year performance summary
  • Top 40 discoveries (2007 to 2016)
  • Key organic unconventional plays
  • Full-cycle economics
  • SWOT grid
  • Gross conventional exploration & appraisal wells by basin and sector

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