The company has made the final investment decision for the initial production system at Liza which will be capable of yielding 120,000 barrels of oil per day.
Liza is the ‘play opening’ discovery in the Stabroek block which as a result of ongoing exploration and drilling programme is now estimated to contain between 2bn and 2.5bn barrels of oil equivalent.
“We’re excited about the tremendous potential of the Liza field and accelerating first production through a phased development in this lower cost environment,” said Liam Mallon, president of ExxonMobil Development Company.
Phase-1 of the Liza field development will comprise of a subsea production system tied to a floating production, storage and offloading (FPSO) vessel, it will tap into 450mln barrels of oil.
The initial project has an estimated capital cost of just over US$4.4bn including US$1.2bn of leasing costs for the FPSO.
The green-light comes at the same time as Exxon also announced results from Liza-4, the most recent well on the discovery.
Liza-4 hit more than 197 feet of high-quality, oil-bearing reservoir.