Oil production from the Liza Phase 1 Development is expected to reach its full capacity of 120,000 barrels per day by early June according to the Director of the Department of Energy in Guyana, Dr. Mark Bynoe.
He told reporters at a press update on Monday that production from Liza Phase 1 has to date reached over 8 million barrels of oil with average daily production of 75,000 to 80,000 barrels.
“We’ve had some teething problems during the commissioning phase; thus, it has delayed the ramping up to 120,000 that we had anticipated,” he said.
Production at the Liza Phase 1 Development got underway in December last. Guyana lifted it first 1 million barrels of crude in February earning almost US$55 million. The country has since collected royalty payments for the months of January to March, totaling US$5 million.
