Monday 24 February, 2020

Oil production begins in Guyana

Liza 2 Expanding Horizons Master

Liza 2 Expanding Horizons Master

Guyana is officially an oil-producing country.

Exxon Mobil announced on Friday that it has begun oil production on the South American country.

In a statement, the company said Production from the first phase of the Liza field, located in the Stabroek Block, is expected to reach full capacity of 120,000 barrels of oil per day in the coming months, and the first cargo is set to be sold within several weeks.

The current estimated discovered recoverable resource for the Stabroek Block is more than six billion oil-equivalent barrels. 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.

“This historic milestone to start oil production safely and on schedule demonstrates ExxonMobil’s commitment to quality and leadership in project execution,” said Darren Woods, chairman and chief executive officer of Exxon Mobil Corporation. “We are proud of our work with the Guyanese people and government to realise our shared long-term vision of responsible resource development that maximizes benefits for all.”

The concept design for the Liza Phase 1 development project features the Liza Destiny floating, production, storage and offloading (FPSO) vessel moored 190 kilometers offshore Guyana, and four subsea drill centers supporting 17 wells.

A second FPSO, Liza Unity, with a capacity to produce up to 220,000 barrels of oil per day is under construction to support the Liza Phase 2 development, and front-end engineering design is underway for a potential third FPSO, the Prosperity, to develop the Payara field upon government and regulatory approvals.

ExxonMobil anticipates that by 2025 at least five FPSOs will be producing more than 750,000 barrels per day from the Stabroek Block. 

 

 

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