CNOOC Says Liza Phase II Commences Production Of Crude Oil

(RTTNews) - CNOOC Limited said that Liza Phase II had commenced production safely and ahead of schedule.

Liza Phase II locates in the Stabroek Block offshore Guyana and produces with 1 FPSO and 30 subsea wellheads. The FPSO is the second production facility in the Block following the one serving Liza Phase I. It was constructed in China and Singapore, and arrived in Guyana in October 2021. It is moored in water depth of about 1,650 meters and will be able to store around 2 million barrels of crude oil.

Liza Phase II is expected to reach its peak production of about 220,000 barrels of crude oil per day within this year.

The total recoverable resources of the Stabroek Block are estimated to be over 10 billion barrels of oil equivalent. By 2027, at least six FPSOs are expected to be producing more than 1 million barrels of oil per day from the Block.

CNOOC Petroleum Guyana Limited, a wholly owned subsidiary of CNOOC Limited, holds 25% interest. Esso Exploration and Production Guyana Limited is operator and holds 45% interest, and Hess Guyana Exploration Ltd. holds 30% interest.