ExxonMobil looking to sanction 2 more developments in Guyana this year

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As Guyana moves closer to producing its first barrel of oil from the Liza Phase 1 Development project, ExxonMobil is looking to make its Final Investment Decision on two more developments offshore the South American country this year.

The company is currently awaiting final approvals for the 220,000 barrels per day Liza Phase 2 Development project with expected start-up scheduled for 2022. The project will utilize the FPSO Liza Unity, the first vessel to be built by SBM Offshore under its Fast4Ward project.

Sanctioning of another development; Payara, is also expected in 2019, with startup projected for 2023. The Payara Development will see approximately 35-45 wells being drilled from 10 subsea drill centres, consisting of a combination of producers and injectors to support oil production.

ExxonMobil says there is potential for at least five floating production, storage and offloading (FPSO) vessels on the 6.6 million acres Stabroek Block, producing more than 750,000 barrels of oil per day by 2025.

To date, the company has made a record 13 discoveries at the Stabroek Block, offshore Guyana. “Our success here can be attributed to our industry-leading upstream capabilities, the strength of our partnerships and our ongoing commitment to growing Guyana’s offshore potential,” said Mike Cousins, senior vice president of ExxonMobil Exploration and New Ventures.

ExxonMobil affiliate Esso Exploration and Production Guyana Limited is operator and holds 45 percent interest in the Stabroek Block. Hess Guyana Exploration Ltd. holds 30 percent interest and CNOOC Petroleum Guyana Limited, a wholly-owned subsidiary of CNOOC Limited, holds 25 percent interest.

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