Stabroek Block resource estimate increases to 5 billion barrels

CNOOC International and our partners ExxonMobil and Hess in the Stabroek Block, announced yet another successful discovery offshore Guyana, from our Pluma-1 exploration well, located approximately 26 kilometers south of the Turbot oil discovery. Pluma-1 marks the fifth successful discovery made in 2018 and the tenth discovery made in the region since 2015.

The total estimated gross recoverable resources for the Stabroek Block has now increased to 5 billion oil-equivalent barrels from the previously estimate of 4 billion oil-equivalent barrels. This is based on the new Pluma-1 discovery as well as further evaluation of previous discoveries.

The Liza Phase 1 development is expected to begin producing up to 120,000 barrels oil per day by 2020, utilizing the Liza Destiny floating storage, production and offloading vessel (FPSO). Liza Phase 2 is expected to start up by mid-2022. Pending government and regulatory approvals, Liza Phase 2 project sanction is expected in early 2019 and will use a second FPSO designed to produce up to 220,000 barrels per day. Sanctioning of a third development, Payara, is also expected in 2019 with start us as early as 2023.

The Stabroek Block is 6.6 million acres (26,800 square kilometers). ExxonMobil affiliate Esso Exploration and Production Guyana Limited is operator and holds 45 percent interest in the Stabroek Block. Hess Guyana Exploration Ltd. Holds 20 percent interest and CNOOC Petroleum Guyana Limited holds 25 percent interest.