Hess Corp. together with its project co-owners will proceed with the development of Stampede, an oil and gas project operated by Hess in the deepwater Gulf of Mexico (GoM), according to a press release.

Discovered in 2005, the Stampede Field is located about 185 km (115 miles) south of Fourchon, La., in the GoM (Green Canyon Blocks 468, 511 and 512). The field is located in about 1,067 m (3,500 ft) of water with a reservoir depth of 9,144 m (30,000 ft). The plan initially calls for six subsea production wells and four water injection wells from two subsea drill centers tied back to a tension-leg platform. A two-rig drilling program is planned with the first rig commencing operations in fourth-quarter 2015. First production is expected in 2018.

Gross topsides processing capacity for the project is approximately 80 Mbbl/d of oil and 100 Mbbl/d of water injection capacity. Total estimated recoverable resources for Stampede are estimated in the range of 300 MMboe to 350 MMboe. The development is estimated to cost about $6 billion.

Hess has a 25% working interest and is operator. Union Oil Co. of California, a Chevron subsidiary, Statoil and Nexen Petroleum Offshore U.S.A. Inc. each have a 25% working interest.

Offshore