Oil production at Guyana’s first ever offshore development – Liza Phase 1 – is ramping up with daily output now around 75,000 barrels per day.
“Liza Phase 1 production continues to ramp up. Current gross production is approximately 75,000 barrels of oil per day from three of the five producers available at start up,” said Greg Hill, President and Chief Operating Officer at Hess Corporation.
Speaking on the company’s Q4 earnings call on Wednesday, Hill said production is expected to reach the FPSO’s capacity of 120,000 barrels of oil per day in the coming months.
“For the full year 2020, we forecast our net production to average approximately 25,000 barrels of oil per day,” he told investors, referring to the profit oil which is split 50/50 between the Guyana government and the Stabroek Block co-venturers.
Approximately 450 million barrels of oil will be produced in the first phase of the Liza development. The project includes a subsea production system and a floating production, storage and offloading (FPSO) vessel – the Liza Destiny.
ExxonMobil affiliate Esso Exploration and Production Guyana Limited is operator and holds 45 percent interest in the Stabroek Block. Hess Guyana Exploration Ltd. holds 30 percent interest and CNOOC Petroleum Guyana Limited, a wholly owned subsidiary of CNOOC Limited, holds 25 percent interest.