Hess Corporation, which has a 30 percent stake in the Stabroek Block, informed the Securities and Exchange Commission (SEC) today that it will sell its first one million barrels of light, sweet Guyana crude in March. ExxonMobil, which is the operator of the block, was the first to collect its one million barrel entitlement this month while Guyana has opted to collect in February.
In addition to this, Hess told the SEC that the current gross production for the Liza Phase One project is about 75,000 barrels of oil per day (bpod) but is expected to ramp-up to full capacity of 120,000 gross bpod in the coming months.
Further to this, the Commission was informed that the second Floating Production Storage and Offloading (FPSO), Liza Unity, which has an expected capacity of up to 220,000 gross bopd, is under construction for the Liza Phase Two development, and is on track for first oil by mid-2022. It was also noted that a third development, Payara, is expected to be sanctioned following government and regulatory approvals and is expected to produce up to 220,000 gross bopd with startup as early as 2023.
Additionally, an increase in the estimated gross discovered recoverable resource for the Stabroek Block was reported to the SEC. It was told that the Stabroek Block resource is now up to more than 8 billion barrels of oil equivalent (boe), up from the previous estimate of 6 billion boe.
Guyana Standard understands that the new recoverable resources estimate includes 15 discoveries offshore Guyana through yearend 2019. The Uaru discovery is the first of 2020 and will be added to the resources estimate at a later date.
