Several government officials, members of the Diplomatic Corps and other invited guests gathered at the Cara Lodge Courtyard last evening to commemorate the Liza Phase One Development Project which continues to rapidly progress.
In a statement to the media yesterday, ExxonMobil officials recalled that development drilling began in May for the first of 17 wells planned for Phase 1, laying the foundation for production startup in 2020. The company and its co-venturers stated that they have so far discovered estimated recoverable resources of more than 3.2 billion oil-equivalent barrels on the Stabroek Block.
Liam Mallon, President of ExxonMobil Development Company said, “We are well on our way to producing oil less than five years after our first discovery, which is well ahead of the industry average for similar projects…”
Liza Phase 1 is expected to generate over $7 billion in royalty and profit oil revenues for Guyana over the life of the project. Liza Phase 1 involves the conversion of an oil tanker into a floating, production, storage and offloading (FPSO) vessel named Liza Destiny, along with four undersea drill centres with 17 production wells. Construction of the FPSO and subsea equipment is underway in more than a dozen countries.
ExxonMobil officials also noted that Liza Destiny will have a production capacity of 120,000 barrels of oil per day. A second FPSO with a capacity of 220,000 barrels per day is being planned as part of the Liza Phase 2 development, and a third is under consideration for the Payara development. Together, these three developments will produce more than 500,000 barrels of oil per day.
The Stabroek Block is 6.6 million acres (26,800 square kilometres). Esso Exploration and Production Guyana Limited is the operator and holds 45 percent interest. Hess Guyana Exploration Ltd. holds 30 percent interest and CNOOC Nexen Petroleum Guyana Limited holds 25 percent interest.
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