Hess 2014 Annual Report Download - page 9

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7
South Arne Platform, Danish North Sea
continued progress on the installation of wellhead
platform 12 as well as the Booster Compression
project. At the North Malay Basin project in the Gulf
of Thailand (50% working interest, operator) progress
continues on the rst phase of full eld development.
Engineering, procurement and fabrication activities
are underway and commencement of development
drilling is planned by the fourth quarter of 2015. Net
production in 2014 averaged 40 million cubic feet
per day through the early production system and is
expected to stay at this level through 2016. Upon
completion of the Full Field Development project in
2017, net production is planned to increase to 165
million cubic feet per day.
In Australia, Hess signed a non-binding Letter of
Intent with the North West Shelf joint venture to
process gas through its liqueed natural gas (LNG)
facilities at Karratha. Next steps will be to execute a
binding agreement with the North West Shelf joint
venture, nalize front end engineering and design
(FEED) for the project and engage with LNG buyers.
Exploration
In 2014, the Company successfully completed the
drilling of three appraisal wells and acquired 3D
seismic in the deepwater Tano/Cape Three Points
Block offshore Ghana. Hess holds a 44% paying
interest and is the operator. Ghana National Petroleum
holds an 11% paying interest and 10% carried interest
in the block. These ownership percentages are based
on terms of a farmout agreement with a third party
that is subject to nal approval by the Ghanaian
government.
Hess also gained entry into deepwater acreage in
2014 including: the Chevron operated Sicily prospect
in the Gulf of Mexico, the Esso E&P Guyana Limited
operated Stabroek license offshore Guyana and four
BP operated licenses offshore Nova Scotia. The
Sicily-1 and Liza-1 wells in the Gulf of Mexico and
Guyana, respectively, will be drilled in 2015.