CNOOC International holds a 25% working interest in the Stabroek Block, located approximately 200 kilometres offshore Guyana, covering 6.6 million acres. ExxonMobil is the operator with 45% interest and Hess has a 30% working interest. Recoverable resources are estimated to be 6 billion barrels of oil equivalent.
Within the Block, one discovery has been made in 2020, six discoveries were made in 2018 and five in 2019, making it 16 discoveries in the region since 2015. These include: Liza, Payara, Snoek, Liza Deep, Turbot, Ranger, Pacora, Longtail, Hammerhead, Pluma, Tilapia, Haimara, Yellowtail, Tripletail, Mako and Uaru.
Liza Phase 1, which was sanctioned in 2017, has safely commenced production in December 2019, with peak production rates of 120,000 bbls/d. Liza Phase 2 is expected to produce 220,000 bbls/d when fully on stream. The nearby Payara development has first oil targeted for 2023.
A notable aspect of the development is that first oil is expected in 2020, only five years after discovery. Typically, the timeline for a project of this scope would be seven to eight years. The pace of development speaks to the industry leading project execution capabilities of the partners, as well as the collaborative approach.
With a strong foundation in Guyana, CNOOC International is looking to leverage its experience in other exploration opportunities in the area.
Liza Phase 1 commenced production