Hess eyes $4.3B for 2008 oil exploration

NEW YORK, Dec. 26 (UPI) -- New York-based Hess Corp. outlined a $4.4 billion capital and exploratory budget for 2008.

According to the company, about $4.3 billion will be used for exploration and production activities, $1.6 billion for production, $1.5 billion for field development and $1.2 billion for exploration.

Some of the planned production includes the Okume complex offshore near Equatorial Guinea where Hess holds an 85 percent interest and in the Thailand Joint Development Area where investments include installation of wellhead platforms and the drilling of production wells; Hess holds 50 percent interest in the Thai asset.

The company also plans to develop the deep-water Shenzi development in the U.S. Gulf of Mexico, where it holds 28 percent interest, and redevelop the Valhall oil and gas field in the North Sea off the shore of Norway.

Exploration prospects in 2008 include appraisal drilling on the deep-water Pony and Tubular Bells discoveries in the U.S. Gulf, four exploratory wells on Block WA-390-P on the Northwest Shelf of Australia and one well each in Block 54 offshore Libya, the Cape Three Points South Block offshore Ghana and the BMS-22 block in the Santos Basin offshore Brazil.