CNOOC Limited Announces Liza Field Offshore Guyana Commenced Production

CNOOC Limited announced today that Liza field offshore Guyana has safely commenced production ahead of schedule.

Liza Phase 1 development project is located in the Stabroek block offshore Guyana and has one FPSO and 17 subsea wells. It is expected to reach its peak production of approximately 120,000 barrels of crude oil per day in the coming months.

"We are very pleased with the commencement of production ahead of schedule," said Xu Keqiang, Chief Executive Officer and President of CNOOC Limited. "The Stabroek block continues to achieve unparalleled success, which will be a key driver of our production growth."

The current discovered recoverable resources of Stabroek Block are estimated to be more than 6 billion barrels of oil equivalent. At least five FPSOs are expected to be producing more than 750,000 barrels of oil per day from the Stabroek Block by 2025.

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

Source: prnewswire.com