- Hess (NYSE:HES -2.3%) says production has started from the Tubular Bells field located in the Mississippi Canyon area of the deepwater Gulf of Mexico.
- Following a ramp-up period, Tubular Bells is expected to deliver gross production of ~50K boe/day from three producing wells by year end.
- Hess says Tubular Bells is a major accomplishment that could pay out over decades; despite lower oil prices, the success encouraged Hess and three other oil companies last month to sanction the Stampede deepwater Gulf development.
- Hess is the operator and holds a ~57% interest in the field, with Chevron (CVX -0.7%) claiming the remaining ~43%.