viewExxon Mobil Corporation

Exxon major oil field project offshore Guyana

The initial phase of the Liza field development will produce 120,000 bopd.

Offshore oil operations
Start-up is anticipated by 2020

Exxon Mobil Corporation (NYSE:XOM) has green-lighted the Liza oil field development, offshore Guyana, where it intends to start production by 2020.

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.

Quick facts: Exxon Mobil Corporation

Price: 45.47 USD

Market: NYSE
Market Cap: $192.36 billion


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...



Morning Report: FTSE 100 on back foot, car production stalls

Headlines from the Proactive UK newsroom. The FTSE 100 is on the back foot as the ongoing spat between the US and China pre-occupies investors. The blue-chip index shed 61 points to 6,157. Britain’s car industry produced just 197 cars in April, according to the last trade figures. That was...

1 day, 1 hour ago

2 min read