ExxonMobil to proceed with Liza development

ExxonMobil has decided to press ahead with the development of the Liza field in the Stabroek block offshore Guyana, the US major said in a press release on Friday.

Exxon’s final investment decision will see it work to achieve first oil by 2020. As part of the first phase of development, pegged at some USD 4.4 billion, the company will install a subsea production system and a 120,000-bopd floating production, storage and offloading unit.

The sanctioning of phase one follows the announcement of the results of the Liza-4 well, which hit 60-metres of oil-bearing sandstone reservoirs. Should ExxonMobil and partners Hess and CNOOC decide to pursue a second development phase, this reservoir will underpin that work. Stabroek’s gross recoverable resources were revised upwards to between 2 billion and 2.5 billion boe.

“We’re excited about the tremendous potential of the Liza field and accelerating first production through a phased development in this lower cost environment,” Liam Mallon, ExxonMobil Development Company president, said.