World Class Petroleum Province, Offshore Guyana
The Stabroek Block, located approximately 120 miles offshore Guyana, is 6.6 million acres. 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. Hess has a 30 percent interest; ExxonMobil is the operator.
Gross discovered recoverable resources for the Stabroek Block are currently estimated at approximately 9 billion barrels of oil equivalent with multi-billion barrels of additional exploration potential on the block. The discoveries on the block to date have established the potential for at least six floating production, storage and offloading (FPSO) vessels by 2027 to develop the current discovered recoverable resource base.
The Liza Phase 1 development, with a production capacity of 120,000 gross barrels of oil per day, delivered first production in December 2019 utilizing the Liza Destiny FPSO.
The second phase of the Liza development, sanctioned in May 2019, will utilize the Liza Unity FPSO with gross production capacity of approximately 220,000 barrels of oil per day, with start-up expected by early 2022. A third phase of development, at the Payara Field was sanctioned in September 2020. First oil is expected in 2024. Payara will utilize the Prosperity FPSO, which will have the capacity to produce up to 220,000 gross barrels of oil per day.
A fourth development, Yellowtail, has been identified on the Stabroek Block with anticipated startup in 2025, pending government approvals and project sanctioning.
In April 2018, Hess acquired a 15 percent interest in the Kaieteur Block, located approximately 155 miles offshore and adjacent to the Stabroek Block. The Kaieteur Block covers 3.3 million acres which is equivalent in size to more than 580 deepwater blocks in the Gulf of Mexico.