The Stabroek Block, located approximately 120 miles offshore Guyana, covers an area of 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 multi-billion barrel unrisked exploration potential. ExxonMobil affiliate Esso Exploration & Production 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 Ltd. has 25 percent interest.
Gross discovered recoverable resources for the Stabroek Block, including 22 discoveries to date are currently estimated at more than 9 billion barrels of oil equivalent with multi-billion barrels of additional exploration potential on the block.
The Liza Phase 1 development delivered first production in December 2019. Liza Phase 1 is producing around 120,000 gross barrels of oil per day at peak rates utilizing the Liza Destiny floating production, storage and offloading (FPSO) vessel.
The second phase of the Liza development, sanctioned in May 2019, 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. A third development at Payara has already been approved, targeting 220,000 barrels of oil per day and is expected to come on stream by 2024.