CNOOC said that the Liza Phase II project, the phase 2 development of the Liza oil field in the Stabroek Block in Guyanese waters has started ahead of schedule.

Liza Phase II produces with one floating production storage and offloading (FPSO) and 30 subsea wellheads.

The FPSO is the second production unit in the Stabroek Block after the one producing from the Liza Phase I project.

According to CNOOC, the Liza Phase II FPSO was built in China and Singapore and had reached Guyanese waters last October. Moored in water depth of nearly 1,650 meters, the Liza Phase II FPSO will have a storage capacity of nearly two million barrels of crude oil.

The Liza Phase II project is anticipated to achieve its peak production of around 220,000 barrels of crude oil per day by 2023.

Xia Qinglong — President of CNOOC said: “Liza Phase II achieved an auspicious start for the Company’s new projects to be commissioned in 2022.

“The continuous exploration and development achievements at the Stabroek Block will be the powerful driving forces to propel the Company’s production growth, and will also make a positive contribution to the sustainable development of Guyana’s economy and society”.

The Stabroek Block is estimated to have total recoverable resources of more than 10 billion barrels of oil equivalent. By the year 2027, at least six FPSOs are likely to be in place to draw over a million barrels of oil per day from the offshore Guyanese block.

CNOOC holds a stake of 25% in the Stabroek Block through its fully-owned subsidiary — CNOOC Petroleum Guyana. The other partners of the block are ExxonMobil’s subsidiary — Esso Exploration and Production Guyana, which holds an operating stake of 45%, and Hess Guyana Exploration, which has a stake of 30%.

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