Hess: Offshore Guyana’s Liza Vs. Permian’s Delaware Basin

The Permian Basin may still be trending following a surge of A&D activity as production soars. But when it comes to low development costs and financial returns offshore Guyana trumps the Permian’s Delaware Basin.

That’s according to Hess Corp. (NYSE: HES) CEO John Hess, who spoke during a Citi Global Energy & Utilities Conference session May 15.

“The Delaware Basin is a great place to invest your money but Guyana is even better,” Hess said during the event, which was streamed live on the company’s website. He compared the first phase development of Liza offshore Guyana to an illustrative 50,000-net acre development in the Delaware Basin. “An EUR per well here is 56 million barrels where the Delaware Basin is 1.5 million to 2 million barrels.”