In mid-December, the Liza Destiny Floating Production Storage and Offloading (FPSO) vessel moored in the Stabroek Block, achieved its nameplate capacity of 120 thousand gross barrels of oil equivalent resources per day. But since then, it has been operating at that level or higher. This is according to Chief Operating Officer (COO) of Hess Corporation, Greg Hill.
Taking this performance into account, Hill said that the operator, ExxonMobil’s subsidiary, Esso Exploration and Production Guyana Limited, intends to evaluate and pursue options to increase the Liza Destiny’s nameplate capacity. With this in mind, the Hess official said that the Stabroek block partner forecasts net production from Guyana this year to be within the average of approximately 30 thousand barrels of oil per day, with planned maintenance and optimization downtime being broadly offset by an increase in nameplate capacity.
Another key milestone for last year Hill and his CEO John Hess highlighted was the sanctioning of the third oil development on the Stabroek Block in September last at the Payara Field. Payara will have a capacity of 220,000 gross barrels of oil per day and is expected to achieve first oil in 2024. The hull for Payara’s Prosperity FPSO is complete along with topside construction activities.
As for the Liza Phase 2 development, shareholders were told that this remains on track for first oil in early 2022. Hill said that the overall project, including the FPSO, drilling and subsea infrastructure is approximately 85 percent complete.
Considering the progression of the foregoing projects alongside the impressive appraisal and exploration programme in the lineup for the Stabroek Block, the COO categorically stated that Guyana, without question, continues to get bigger and better which ultimately positions the partners to deliver industry-leading cash flow growth and significant shareholder value over the next decade.