Guyana is ahead of the industry average as it commences development drilling of the wells that will produce the country’s oil.
President of ExxonMobil Development Company, Liam Mallon, in a press release issued today, noted the work done so far is remarkable. Liza Phase 1 is expected to generate over $7 Billion in royalty and profit oil revenues for Guyana over the life of the project, the release added.
(Read full release here: http://news.exxonmobil.com/press-release/exxonmobil-advances-liza-phase-1-development)
Exxon and its partners commenced development drilling of the 17 wells in May. The release noted this is the “foundation for production start-up in 2020.”
“Liza Phase 1 involves the conversion of an oil tanker into a floating, production, storage and offloading (FPSO) vessel named Liza Destiny, along with four undersea drill centres with 17 production wells. Construction of the FPSO and subsea equipment is underway in more than a dozen countries,” the release stated.
Liza Destiny will have a production capacity of 120,000 barrels of oil per day. The release noted that the number of Guyanese contractors will grow as the operation progress. Currently some 50 percent of Exxon’s employees, contractors and subcontractors are Guyanese.
“Guyanese businesses, contractors and employees have been an essential element of our exploration, drilling and development progress,” the release quoted Mallon.
The discoveries made to date in the Stabroek Block is estimated to contain recoverable resources of more than 3.2 billion oil-equivalent barrels of oil. A second 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.
By: Tiffny Rhodius.