Highlights Bakken output expected to decline Charters VLCCs to store Bakken Defers Payara activities in Guyana New York — Hess is expanding its 2020 spending cuts in response to low oil prices caused by the coronavirus pandemic, with a focus on reducing rigs in the North Dakota Bakken Shale play and drilling activity offshore Guyana, the company said Thursday. Receive daily email alerts, subscriber notes & personalize your experience. Register Now Hess has further reduced its budget to $1.9 billion, down 37% from the company’s original $3 billion budget. “This reduction will be achieved primarily by shifting from six rigs to one rig in the Bakken and deferring discretionary spending across the portfolio including a six- to 12-month deferral in the development of the Payara Field and reduced 2020 drilling activity on the Stabroek Block offshore Guyana,” Hess said in a release. Hess plans to reduce its Bakken rig […]