Sunday, September 24, 2023

Steady output at Liza projects in June delivered highest daily volumes yet

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The Stabroek Block’s Liza projects delivered steady volumes at peak levels in June 2023, resulting in the highest daily volumes yet. 

Liza Phase 1 delivered 154,790 barrels per day (bpd), totaling 4.3 million barrels over the full month. Liza Phase 2 delivered 240,230 bpd, its highest daily average in any month, totaling 6.7 million barrels. The Liza field therefore delivered over 395,000 bpd, totaling 11.06 million barrels. 

The Liza field’s performance in June closed out the first half of the year, during which 68.66 million barrels were produced at 380,000 bpd.

At this rate, the Liza field would produce approximately 138.5 million barrels in the full year. However, optimisation work at Liza Phase 2 and the startup of the Payara project will impact production in the Stabroek Block. The Stabroek Block partners plan downtime to debottleneck Liza Phase 2, to increase production to 250,000 bpd. As for Payara, production is expected to start early in the fourth quarter, reaching output of around of 220,000 bpd around five months after start up.

The Stabroek Block is therefore likely to produce way above the 136 million barrels projected by the Guyana government, and could close the year at more than 500,000 bpd. 

ExxonMobil is the operator of the Stabroek Block (45%), while Hess (30%) and CNOOC (25%) are its partners. 

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