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.
The first exploration well drilled on the Stabroek Block, Liza-1, resulted in a significant oil discovery in 2015, logging 295 feet (90 meters) of high quality, oil-bearing sandstone reservoir. The second well, Liza-2, encountered more than 190 feet (58 meters) of oil-bearing sandstone reservoirs in Upper Cretaceous formations. An extensive well evaluation program was performed and in 2016 it confirmed Liza to be a world-class oil discovery.
Appraisal drilling at identified an additional high quality, deeper reservoir directly below the Liza field.
To date, seven world class discoveries have been made on the block. The first five -- Liza, Payara, Snoek, Liza Deep and Turbot -- are now 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, will be accretive to this estimate.
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.