ExxonMobil’s Liza projects produced 11.6 million barrels of crude in May, at 374,450 barrels per day (bpd). This was constituted by production of 4.8 million barrels at Liza Phase 1, and 4.8 million barrels at Phase 2.
May output also happened to be the highest monthly crude production to date from the Liza field.
Over the period January to May, the Liza field produced 56.8 million barrels or 376,200 bpd. At this rate, the field would produce a comfortable 80.1 million barrels in the remaining seven months, and complete the year at 136.9 million barrels. The field produced 101.3 million barrels in 2022.
However, two other considerations will impact production this year – debottlenecking of Liza Phase 2 and the start-up of the Payara project.
Phase 2 will undergo optimisation activities sometime in the second half of the year, with a view of lifting production to 250,000 bpd. The project would be on par with the larger Yellowtail and Uaru projects, expected in 2025 and 2026.
The Payara project is expected to commence production by the end of the year. Payara is not likely to reach its nameplate production of 220,000 bpd until early 2024. But it could add a respectable quantity of barrels to output this year.
The Stabroek Block is operated by ExxonMobil, which holds a 45% stake. It is supported by Hess (30%) and CNOOC (25%).
