Multiple Prospects and Play Types Offshore Guyana
The Stabroek Block, located approximately 120 miles offshore Guyana, is 6.6 million acres (26,800 square kilometers). The block is equivalent in size to 1,150 Gulf of Mexico blocks and contains multiple prospects and play types representing additional multibillion barrel unrisked exploration potential. Esso E&P Guyana Ltd is the operator and has a 45 percent working interest, while Hess Guyana Exploration Ltd has 30 percent interest and CNOOC Petroleum Guyana Limited has 25 percent interest.
To date, 13 significant discoveries have been made on the block. Gross discovered recoverable resources for the Stabroek Block are currently estimated at more than 5.5 billion barrels of oil equivalent with multi-billion barrels of additional exploration potential on the block.
The Liza Phase 1 development, sanctioned June 2017, is progressing rapidly, laying the foundation for first production by the first quarter of 2020. Liza Phase 1 will produce up to 120,000 gross barrels of oil per day at peak rates utilizing the Liza Destiny floating production, storage and offloading (FPSO) vessel.
The second phase of the Liza development, sanctioned in May 2019, will utilize a second FPSO with gross production capacity of approximately 220,000 barrels of oil per day, with start-up expected by mid 2022. Planning is underway for a third phase of development, which is expected to be sanctioned in 2019 with startup projected in 2023.
In April 2018, Hess acquired a 15 percent interest in the Kaieteur Block, located approximately 155 miles (250 kilometers) offshore and adjacent to the Stabroek Block. The Kaieteur Block covers 3.3 million acres (13,535 square kilometers). An exploration well is planned to be drilled on the block in 2020.