Liza Phase 1 development advances

ExxonMobil recent started development drilling at the Liza Phase 1 development offshore Guyana. A total of 17 wells are planned for Phase 1, laying the foundation for production start-up in 2020. The company and its co-venturers Hess and CNOOC have so far discovered estimated recoverable resources of more than 3.2bn boe on the Stabroek block.

According to Liam Mallon, President of ExxonMobil Development Company: ‘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. The Liza development and future projects will provide significant economic benefits to Guyana.’

Liza Phase 1 is expected to generate over $7bn in royalty and profit oil revenues for Guyana over the life of the project. Additional benefits will accrue from other development projects now being planned.

Phase 1 development of Liza involves the conversion of an oil tanker into a floating, production, storage and offloading (FPSO) vessel named Liza Destiny, along with four subsea drill centres with 17 production wells. Liza Destiny will have a production capacity of 120,000 b/d of oil. A second FPSO with a capacity of 220,000 b/d is being planned as part of the Phase 2 development, and a third is under consideration for the Payara project. Together, these three developments will produce more than 500,000 b/d of oil.