Hess 2008 Annual Report Download - page 6

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EXPLORATION
AND PRODUCTION
PRODUCTION In 2008, net production
averaged 381,000 barrels of
oil equivalent per day, up from 377,000 barrels
of oil equivalent per day in 2007. The increase
was underpinned by a full year of production at
the Okume Complex in Equatorial Guinea and
increased production at the Malaysia/Thailand
Joint Development Area (JDA). These increases
were partially offset by lower profit oil entitlements
from PSC price effects, hurricane related
downtime in the Gulf of Mexico and declines
in mature assets primarily in the North Sea.
In Equatorial Guinea, continued development
drilling and strong performance from subsurface
production facilities enabled net production from
the company-operated Okume Complex (Hess
85%) to achieve peak rates in excess of 50,000
barrels of oil per day. Including the Hess operated
Ceiba Field (Hess 85%) total net production from
Equatorial Guinea averaged 72,000 barrels per
day in 2008.
In the Malaysia/Thailand JDA, Phase 2 natural gas
sales commenced at Block A-18 (Hess 50%) in
In 2008, Exploration and Production achieved record earnings,
8 percent growth in proved reserves and our objective of a
10 year reserve life.
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