Global oil and gas company ExxonMobil has received government and regulatory approvals for the development of the second phase of the Liza oil project in the Stabroek block offshore Guyana. Liza Phase 2 will tap around 600 mbl of oil resources thanks to a 220,000 bbl/d floating storage, production and offloading vessel (FPSO). Six drill centers are planned, along with approximately 30 wells, including 15 production, nine water injection and six gas injection wells. The US$6bn Liza Phase 2project is on track to start operations in mid-2022.
Current discovered recoverable resources in the Stabroek block are estimated at more than 5.5 Gboe. So far, the 13 collective discoveries have established the potential for at least five FPSOs producing over 750,000 bbl/d by 2025. ExxonMobil plans to start producing up to 120,000 bbl/d by early 2020 under the framework of the Liza Phase 1 prospect development, with the Liza Destiny FPSO. Pending government and regulatory approvals, ExxonMobil plans to make a final investment decision (FID) for a third phase of development, Payara, that would produce between 180,000 and 220,000 bbl/d with startup as early as 2023.
The Stabroek block is operated by ExxonMobil with a 45% stake, in partnership with Hess Guyana Exploration (30%) and CNOOC (25%).