Rystad Energy says ExxonMobil likely to sanction over $16B this year for its Guyana operations

Norway-based Rystad Energy says US oil major ExxonMobil “looks primed” to make an offshore sanctioning splash in 2019 for its operations in Guyana. The company will be bringing forward over $16 billion for sanctioning, the industry analyst said.

“In fact, 2013 marked the last year where the supermajor brought forward this volume of greenfield offshore work for a final investment decision,” Rystad said in its January Oilfield Service Newsletter.

Continuing their patient, phased approach in Guyana, Rystad said ExxonMobil will be looking to bring this multi-billion-dollar price-tag for two phases of the Greater Liza project – Liza Phase 2 and Payara – forward for sanctioning. “This phased strategy is reminiscent of how the supermajor developed the deep-water Kizomba fields in the early 2000’s off the coast of Angola,” the analyst stated.

The Environmental Protection Agency (EPA) in Guyana has approved the final Environmental Impact Assessment Report for ExxonMobil affiliate Esso Exploration and Production Guyana Limited’s (EEPGL) Liza Phase 2 Development Project.

Busy year ahead for ExxonMobil Guyana as country gallops to first oil

The company is expected to make its Final Investment Decision on the giant Liza Phase 2 Development project in the first quarter of this year while first oil from Liza Phase 1 is expected by 2020.