World Class Petroleum Province, 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.
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 18 discoveries on the block to date have established the potential for at least five floating production, storage and offloading (FPSO) vessels producing more than 750,000 barrels of oil per day by 2026.
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.
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).