Hess invests $5.6 billion in 2011

Hess Corp., the New York-based oil company, revealed its plans to invest $5.64 billion this year, mainly to finance its exploration and production operations.

In a statement, the company highlighted that a total of $3 billion will be allocated in the U.S., including North Dakota oil fields purchased last year for about $1.42 billion.

“The budget is roughly the same as last year’s, when the company expected to spend $5.5 billion”, said John Hess, Chief Executive Officer in last July 2010.

Production projects of $3.1 billion include accelerating drilling in the Bakken deposit in North Dakota with 15 rigs. Hess also plans to complete wells in Equatorial Guinea, and drill production wells in the Gulf of Mexico, and offshore of Norway.

Besides, exploration plans, worth $900 million, include wells in Egypt, Ghana, Indonesia and Brunei. So-called unconventional drilling, which involves boring horizontally through dense rock and fracturing to release oil and gas, is planned in the Eagle Ford deposit of Texas and in the Paris basin in France.


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