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ExxonMobil makes decision to proceed with Liza field

Jun 19, 2017

US supermajor ExxonMobil has decided to proceed with the first phase of development of the Liza field, located offshore Guyana.

The Liza phase 1 development will include a subsea production system and a floating production, storage and offloading (FPSO) vessel designed to produce up to 120,000 barrels of oil per day.

Production at the site is expected to begin in 2020, with phase1 expected to cost just over $4.4 billion – which includes a lease capitalisation cost of about $1.2 billion for the FPSO facility.

The company has also announced positive results from the Liza-4 well, which encountered more than 197 feet of oil-bearing sandstone reservoirs, which it says will “underpin” the Liza phase 2 development.

Gross recoverable resources for the Stabroek block – which includes Liza, Payara and Snoek – are now estimated at up to 2.5 billion oil-equivalent barrels.

ExxonMobil Development Company president Liam Mallon welcomed the news and vowed to deliver benefits to the country.


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