Average industry performance would’ve seen Guyana becoming an oil producing nation until almost the middle of the decade if efforts to safely fast-track the Liza Phase 1 Development were not made by stakeholders.
Speaking to a room filled with guests in Georgetown, Guyana to celebrate the country becoming an oil producing nation, Liam Mallon, President of Upstream Oil and Gas at ExxonMobil said, “The reality is, if we had met average industry performance, do you know when we would’ve been celebrating this event? Twenty-twenty four we would’ve been celebrating this event.”
The Liza Phase 1 Development is located approximately 120 miles offshore in water depths of 1500 – 1900 meters. “The average time in water of this depth is nine years. This was done in five,” Mallon emphasized.
He said this remarkable accomplishment was made possible through the support of government and the commitment and dedication of the Stabroek Block co-venturers and multiple companies that played a role in bringing all the pieces together, as one team.
ExxonMobil and co-venturers Hess and CNOOC made the first discovery at the Liza field in the 6.6 million acres Stabroek Block in May 2015 and was able to safely, and under budget, start up production on December 20, 2019. “That directly benefits the partnership, and of course, directly benefits the government,” Mallon pointed out.
The Liza Destiny FPSO, the first of at least five such oil production units that will be operating at the Stabroek Block through 2025, is currently moored offshore producing the first shipment of crude set to be offloaded to a tanker over the weekend. Approximately 450 million barrels of oil will be produced in the first phase of the Liza development.
