Multiple Prospects and Play Types Offshore Guyana
The Stabroek Block, located approximately 120 miles offshore Guyana, is 6.6 million acres (26,800 square kilometers). The block is equivalent in size to 1,150 Gulf of Mexico blocks and contains multiple prospects and play types representing additional multibillion barrel unrisked exploration potential. Esso E&P Guyana Ltd is the operator and has a 45 percent working interest, while Hess Guyana Exploration Ltd has 30 percent interest and CNOOC Nexen Petroleum Guyana Ltd. has 25 percent interest.
To date, seven significant discoveries have been made on the block. The first five -- Liza, Payara, Snoek, Liza Deep and Turbot -- are currently estimated to have total recoverable resources of more than 3.2 billion barrels of oil equivalent. Discoveries at Ranger-1, announced January 2018, and Pacora-1, announced February 2018, are accretive to this estimate. In addition, Hess and its co-venture partners believe there are multi-billion barrels of additional exploration potential on the block.
Hess and its co-venture partners sanctioned the first phase of a planned multiphase development of the Liza Field in mid-2017, with first production expected by 2020. Further exploration and appraisal drilling will continue during 2018. A second phase of development is expected to be sanctioned by the end of 2018, with first production by mid-2022.
In April 2018, Hess acquired a 15 percent interest in the Kaieteur Block, located approximately 155 miles (250 kilometers) offshore and adjacent to the Stabroek Block. The Kaieteur Block covers 3.3 million acres (13,535 square kilometers). Seismic interpretation and evaluation of a future drilling program are planned for 2018.