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 more than 8 billion barrels of oil equivalent.
Within the Block, three discoveries had made in 2020 and five in 2019, making it 18 discoveries in the region since 2015. These include: Liza, Payara, Snoek, Liza Deep, Turbot, Ranger, Pacora, Longtail, Hammerhead, Pluma, Tilapia, Haimara, Yellowtail, Tripletail, Mako, Uaru, Yellowtail-2 and Redtail. All the discoveries have enhanced value and potential of the block.
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 2024.
As a notable milestone, the development has been put on stream in 2019, only five years after discovery. Typically, the timeline for a project of this scope would be seven to eight years. The pace of development demonstrates 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