MTGNexus

A player with Commander Queza, Augur of Agonies in play targets themselves with Peer into the Abyss. Let's say they start at 30 life and have 80 cards in their library.

Do they draw forty cards, initially pay 15 life and then gain 40 life ending at 55? Or what?

Can each card draw's life loss target a different opponent?

Peer does its thing as normal. So, they draw 40 cards and lose 15 life (80/2 = 40 and 30/2 = 15).

Once done, Queza triggers 40 times since they drew 40 cards. They will declare the target(s) for all 40 triggers when they are put onto the stack which will happen before any resolve. So they can split them up and target different players how they want. When each resolves, the target loses 1 life and the Queza player gains 1 life. Since there are 40 triggers, they will ultimately end up gaining 40 life. Assuming all of the triggers resolve of course.

Assuming all do resolve, this indeed puts them at 55 life.