Gregory P. Hill
President and Chief Operating Officer at Hess
Thanks, John. In the third quarter, we delivered strong operational performance. Company wide net production averaged three 351,000 barrels of oil equivalent per day excluding Libya, compared to our guidance of 330,000 to 335,000 barrels of oil equivalent per day. This production beat reflects strong performance across our portfolio. For the fourth quarter, we expect company-wide production to average approximately 370,000 barrels of oil equivalent per day excluding Libya. For the full year 2022, we now expect company-wide net production to average approximately 325,000 barrels of oil equivalent per day excluding Libya, up from our previous guidance of approximately 320,000 barrels of oil equivalent per day.
Turning to the Bakken, third quarter net production averaged 166,000 barrels of oil equivalent per day. This was above our guidance of 155,000 to 160,000 barrels of oil equivalent per day, and primarily reflected strong execution and recovery following the challenging weather conditions in the first half of the year. For the fourth quarter, we expect Bakken net production to average between 165,000 and 170,000 barrels of oil equivalent per day. For the full year 2022, we now forecast Bakken net production to average approximately 155,000 barrels of oil equivalent per day, which is the high-end of our previous guidance range of 150,000 to 155,000 barrels of oil equivalent per day.
In the third quarter, we drilled 20 wells and brought 22 new wells online. For the fourth quarter, we expect to drill approximately 30 wells and to bring approximately 25 new wells online, and for the full year 2022, we expect to drill approximately 90 wells and to bring approximately 80 new wells online. In terms of drilling and completion costs, although we continue to experience cost inflation, we are maintaining our full year average forecast of $6.3 million per well in 2022.
Given the improvement in oil prices and a robust inventory of high return drilling locations, we added a fourth rig in July. Moving to a four-rig program will allow us to grow net production to approximately 200,000 barrels of oil equivalent per day in 2024, which will maximize free cash flow generation, optimize our in-basin infrastructure, and drive further reductions in our unit cash costs.
Now moving to the offshore. In the deepwater Gulf of Mexico, third quarter net production averaged 30,000 barrels of oil equivalent per day, which was at the high-end of our guidance range of 25,000 to 30,000 barrels of oil equivalent per day, primarily reflecting the successful startup of the Shell operated Llanos-6 tieback. For the fourth quarter and full year 2022, we forecast Gulf of Mexico net production to average approximately 30,000 barrels of oil equivalent per day.
In Southeast Asia, net production in the third quarter was 57,000 barrels of oil equivalent per day, above our guidance of approximately 55,000 barrels of oil equivalent per day. Planned maintenance work was successfully completed at both the North Malay Basin and JDA assets during the third quarter. Fourth quarter and full year 2022 net production is forecast to average between 60,000 and 65,000 barrels of oil equivalent per day.
Now turning to Guyana. In the third quarter, net production from the Liza Phase 1 and Phase 2 developments average 98,000 barrels of oil per day, including tax barrels of 7,000 barrels of oil per day, above our guidance of 90,000 to 95,000 barrels of oil per day. Both the Liza Destiny and Liza Unity floating production storage and offloading vessels delivered strong operating performance and high facility uptime during the quarter. Guyana net production is forecast to average approximately 110,000 barrels of oil per day in the fourth quarter, including tax barrels of 20,000 barrels of oil per day. For the full year 2022, Guyana net production is forecast to average approximately 77,000 barrels of oil per day, including tax barrels of 7,000 barrels of oil per day, slightly above our previous guidance of 75,000 barrels of oil per day.
Turning to our third sanctioned development at Payara, topsides installation and development drilling are underway. The overall project is approximately 88% complete. The FPO -- FPSO Prosperity will have a gross production capacity of 220,000 barrels of oil per day, and is on track to achieve first oil at the end of 2023. Our fourth sanctioned development Yellowtail will utilize the ONE GUYANA FPSO with a gross capacity of approximately 250,000 barrels of oil per day. Fabrication of topside modules kicked off in September, and the hull is expected to arrive in Singapore in early 2023. The overall project is approximately 29% complete, and is on track to achieve first oil in 2025. With regard to our fifth development, Uaru, the operator plans to submit a plan of development to the government before the end of this year, with approval expected by the end of the first quarter of 2023, We plan to utilize an FPSO with a gross capacity of approximately 250,000 barrels of oil per day with first oil targeted for the end of 2026.
As, John mentioned this morning, we announced discoveries that Yarrow and Sailfin. The Yarrow-1 well, located approximately 9 miles southeast of the Barreleye-1 well, encountered 75 feet of high quality oil bearing sandstone reservoir. The Sailfin-1 well, located approximately 15 miles southeast of the Turbot-1 well, encountered 312 feet of high quality hydrocarbon bearing sandstone reservoir. The Banjo-1 well did not encounter commercial quantities hydrocarbons and was expensed in the third quarter. On Block 42 in Suriname, we recently drilled the Zanderij-1 well, where Hess has a 30% interest and Shell is the operator. The well demonstrated a working petroleum system and encountered oil pay. The well results are being evaluated and further exploration activities are being considered.
Looking forward, fourth quarter exploration and appraisal activities on the Stabroek Block in Guyana will include the Fangtooth Southeast-1 well, which is a deep test, located approximately 8 miles southeast of the Fangtooth-1 discovery well. We will also drill the Fish-1 exploration well located approximately 62 miles northwest of Liza-1. This well will target multiple stacked reservoirs intervals. In addition, we plan to drill the Lancet Phase 1 well, located approximately three miles west of the Lisa-3 well, which will target deeper reservoirs.
In closing, our execution continues to be strong. The Bakken is on a strong capital efficient growth trajectory, our Gulf of Mexico and Southeast Asia assets continue to generate significant free cash flow, and Guyana continues to get bigger and better, all of which position us to deliver industry leading returns, material free cash flow generation and significant shareholder value.
I will now turn the call over to John Rielly.