U.S. oil producer Hess Corporation said on Tuesday it expects to allocate US$3 billion for production, development, and exploration in 2020, focusing on high-return investments in the Bakken shale play and offshore Guyana. Hess Corporation is boosting this year’s capital and exploratory budget from the 2019 E&P capital and exploratory expenditures of US$2.7 billion , as expected at the end of Q3 2019. More than 80 percent of Hess’s capital and exploratory budget for 2020 will go for increased production and development of the corporation’s production in the Bakken in North Dakota and offshore Guyana, where Hess is a minority partner of ExxonMobil in the first development of the Latin American country’s oil resources. Hess expects its net production to average between 330,000 and 335,000 barrels of oil equivalent per day (boepd) this year, excluding Libya operations. Net production in the Bakken is seen averaging 180,000 barrels of oil […]