On the 6.6 million acre Stabroek Block, offshore Guyana, 12 significant discoveries have been made since 2015 at the Liza, Payara, Snoek, Liza Deep, Turbot, Ranger, Pacora, Longtail, Hammerhead, Pluma, Tilapia and Haimara fields. Gross discovered recoverable resources for the Stabroek Block are currently estimated at approximately 5.5 billion barrels of oil equivalent with multi-billion barrels of additional exploration potential across the block.
The Liza Phase 1 development, sanctioned June 2017, is progressing rapidly, laying the foundation for first production by early 2020. Liza Phase 1 will consist of 17 wells connected to a floating production, storage and offloading (FPSO) vessel designed to produce up to 120,000 barrels of oil per day, gross.
The second phase of the Liza development will utilize a second FPSO with gross production capacity of approximately 220,000 barrels of oil per day, with start-up expected by mid-2022. Planning is underway for a third phase of development, which is targeted to be sanctioned in 2019 and will use an FPSO designed to produce approximately 180,000 barrels of oil per day, with first production as early as 2023.