Hess and PETRONAS Sign Partnership Agreements to Develop North Malay Basin
Hess Corporation (NYSE: HES) announced today that it has signed
agreements with PETRONAS to develop the North Malay Basin, located
offshore Peninsular Malaysia.
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.
'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. It also builds upon our
strategic partnership with PETRONAS,' said Greg Hill, President of
Worldwide Exploration and Production for Hess.
Hess will have a 50 percent working interest and become operator of the
project, which is expected to add discovered net resources of 80 million
to 100 million barrels of oil equivalent to Hess′ portfolio. First
production is forecast to commence in 2013 at a net rate of
approximately 40 million cubic feet of natural gas per day and increase
in 2015 to an estimated 125 million cubic feet per day. The project will
require a net investment for Hess of approximately $250 million in 2012
and an estimated $400 million per year between 2013 and 2015.
Hess Corporation, with headquarters in New York, is a global integrated
energy company engaged in the exploration, production, purchase,
transportation and sale of crude oil and natural gas, as well as the
production and sale of refined petroleum products. More information on
Hess Corporation is available at http://www.hess.com.
Forward Looking Statements
Certain statements in this conference call may constitute
'forward-looking statements' within the meaning of Section 21E of the
United States Securities Exchange Act of 1934, as amended, and Section
27A of the United States Securities Act of 1933, as amended.
Forward-looking statements are subject to known and unknown risks and
uncertainties and other factors that may cause actual results to differ
materially from those expressed or implied by such statements,
including, without limitation, uncertainties inherent in the measurement
and interpretation of geological, geophysical and other technical data.
Hess Corporation
Investor:
Jay
Wilson, (212) 536-8940
or
Media:
Jon
Pepper, (212) 536-8550
