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ExxonMobil advances Liza phase 1 development

The Liza Phase 1 development continues to rapidly progress, with the commencement of development drilling offshore Guyana.


Texas, June 13 - Neftegaz.RU. The Liza Phase 1 development continues to rapidly progress, with the commencement of development drilling offshore Guyana, ExxonMobil reported on June 12.

 

 Development drilling began in May for the 1st of 17 wells planned for Phase 1, laying the foundation for production startup in 2020. The company and its co-venturers have so far discovered estimated recoverable resources of more than 3.2 billion oil-equivalent barrels on the Stabroek Block.

 

«The work our teams have done in Guyana is remarkable,» said Liam Mallon, president of ExxonMobil Development сompany. «We are well on our way to producing oil less than 5 years after our 1st 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 $7 billion 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.

 

Liza Phase 1 involves the conversion of an oil tanker into a floating, production, storage and offloading (FPSO) vessel named Liza Destiny, along with 4 undersea drill centers with 17 production wells. Construction of the FPSO and subsea equipment is under way in more than a dozen countries.

 

Liza Destiny will have a production capacity of 120,000 barrels of oil per day. A 2nd 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 3 developments will produce more than 500,000 barrels of oil per day.

 

The Stabroek Block is 26,800 square kilometers. Esso Exploration and Production Guyana Limited is operator and holds 45 % interest. Hess Guyana Exploration Ltd. holds 30 % interest and CNOOC Nexen Petroleum Guyana Limited holds 25 % interest.

 

Source : Neftegaz.RU