World Class Petroleum Province, Offshore Guyana
The Stabroek Block, located approximately 120 miles offshore Guyana, is 6.6 million acres. 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. Hess has a 30 percent interest; ExxonMobil is the operator.
Gross discovered recoverable resources for the Stabroek Block are currently estimated at more than 11 billion barrels of oil equivalent with multi-billion barrels of exploration potential remaining. Based on the discoveries on the block to date, six floating production, storage and offloading (FPSO) vessels with gross production capacity of more than 1.2 million gross barrels of oil per day are expected to be online by the end of 2027 with potential for up to 10 FPSOs to develop the discovered resources on the block.
The Liza Phase 1 development delivered first production in December 2019 utilizing the Liza Destiny FPSO. Production optimization work in 2022 expanded its production capacity to more than 140,000 gross barrels of oil per day.
The Liza Phase 2 development, sanctioned in May 2019, achieved first production in February 2022 utilizing the Liza Unity FPSO with gross production capacity of approximately 220,000 barrels of oil per day. A third phase of development, at the Payara Field was sanctioned in September 2020 and is targeted for startup early in the fourth quarter of 2023. Payara will utilize the Prosperity FPSO, which will have the capacity to produce up to 220,000 gross barrels of oil per day.
The fourth and largest development on the Stabroek Block at Yellowtail was sanctioned in April 2022 with first oil expected in 2025. Yellowtail will utilize the ONE GUYANA FPSO with a production capacity of approximately 250,000 gross barrels of oil per day.
Uaru, the fifth development on the Stabroek Block, was sanctioned in April 2023. Uaru will utilize the Errea Wittu FPSO with a production capacity of approximately 250,000 gross barrels of oil per day. Production is targeted to startup in 2026.
In April 2018, Hess acquired an interest in the Kaieteur Block, located approximately 155 miles offshore and adjacent to the Stabroek Block. The Kaieteur Block covers 3.3 million acres which is equivalent in size to more than 580 deepwater blocks in the Gulf of Mexico.