On the 6.6 million acre Stabroek Block, offshore Guyana, 13 significant discoveries have been made since 2015. Gross discovered recoverable resources for the Stabroek Block are currently estimated at more than 6 billion barrels of oil equivalent with multi-billion barrels of additional exploration potential across the block.
The Liza Phase 1 development, sanctioned June 2017, is progressing rapidly, laying the foundation for first production by early 2020. Liza Phase 1 will consist of 17 wells connected to a floating production, storage and offloading (FPSO) vessel designed to produce up to 120,000 barrels of oil per day, gross.
The second phase of the Liza development 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 will use an FPSO designed to produce approximately 180,000 barrels of oil per day, with first production as early as 2023.