Hess Corporation has today announced a huge oil exploration warchest of £2.2 billion.

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The lionshare of the multi-billion sum will be used to explore the firm’s assets in the Bakken and Guyana.

Hess Corporation said net production is forecast to average between 270,000 and 280,000 barrels of oil equivalent per day in 2019, excluding Libya.

Bakken net production is forecast to average between 135,000 and 145,000 barrels of oil equivalent per day in 2019.

The firm’s chief executive, John Hess, said. “Our capital and exploratory expenditure program is designed to deliver strong returns, production growth and significant future free cash flow.

“As we focus spending on our high return investment opportunities, we will continue to reduce our unit costs to drive margin expansion and improve profitability.”

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