The Liza oil discovery, located on the Stabroek Block approximately 120 miles offshore Guyana, is one of the largest in the past decade. The first exploration well drilled on block, Liza-1, resulted in a significant oil discovery in 2015. An extensive well evaluation program performed in 2016 confirmed Liza to be a world-class oil discovery. To date, eight significant discoveries have been made on the block at Liza, Payara, Snoek, Liza Deep, Turbot, Ranger, Pacora and Longtail.
Hess and its co-venture partners believe there are multi-billion barrels of additional exploration potential on the block. Development drilling at the Liza Phase 1 development, sanctioned June 2017, is underway, laying the foundation for first production in 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.
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. A third phase of development is planned to closely follow Liza Phase 2 and is expected to bring gross production to more than 500,000 barrels of oil per day by late 2023.