CNOOC International holds a 25% working interest in the Stabroek Block, located approximately 193 kilometers 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 to be 5.5 billion barrels of oil equivalent.
Within the Block, six discoveries were made in 2018 and two in 2019, making it 12 discoveries in the region since 2015. These include: Liza, Payara, Snoek, Liza Deep, Turbot, Ranger, Pacora, Longtail, Hammerhead, Pluma-1, Tilapia-1 and Haimara-1.
Liza Phase 1, which was sanctioned in 2017, is expected to come on stream in 2020, 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 2023.
A notable aspect of the development is that first oil is expected in 2020, only five years after discovery. Typically, the timeline for a project of this scope would be seven to eight years. The pace of development speaks to 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.