US petroleum refineries company Hess subsidiary Hess Guyana (Block B) Exploration has reached an acquisition agreement with Esso Exploration and Production Guyana (ExxonMobil).

Under the deal, Hess will purchase a 15% participating interest in the Kaieteur Block, offshore Guyana.

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The Cooperative Republic of Guyana has provided the two companies with an instrument detailing the transfer of interest, which has been completed.

Hess chief executive officer John Hess said: “Our interest in the Kaieteur block extends our company’s already significant acreage position in the prolific Guyana-Suriname Basin, which has delivered seven world-class oil discoveries to date.

“We look forward to working with our partners and the Government of Guyana to evaluate the potential of this highly prospective acreage.”

“We look forward to working with our partners and the Government of Guyana to evaluate the potential of this highly prospective acreage.”

Built over an area of approximately 13,535km², the Kaieteur Block is located nearly 155 miles (approximately 250km) offshore the coast of Guyana.

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Slated to be carried out this year, work on the Kaieteur Block project will include processing and interpretation of nearly 5,700km² of 3D seismic data and evaluation of a future drilling programme.

The Kaieteur project is situated in the same geological basin as the Stabroek Block, where total recoverable resources of more than 3.2 billion barrels of oil equivalent have been discovered to date.

Hess currently owns a 30% working interest in the Stabroek Block.

Hess is a global independent energy company focused on the exploration and production of crude oil and natural gas.