ExxonMobil has initiated development drilling as part of its Liza Phase 1 project located offshore Guyana, which is expected to yield production of 120,000 barrels of oil per day.

Drilling for the initial 17 wells planned under Phase 1 began last month and is expected to offer a platform for production start-up in 2020.

To date, ExxonMobil and its co-venturers have reported a discovery of around 3.2 billion barrels of oil equivalent of recoverable resources on the Stabroek Block, which is operated by Esso Exploration and Production Guyana.

ExxonMobil Development Company president Liam Mallon said: “We are well on our way to producing oil less than five years after our first discovery, which is well ahead of the industry average for similar projects.

“The Liza development and future projects will provide significant economic benefits to Guyana.”

“The Liza development and future projects will provide significant economic benefits to Guyana.”

The Liza Phase 1 development will see conversion of an oil tanker into a floating, production, storage and offloading (FPSO) vessel called Liza Destiny, and four undersea drill centres having 17 production wells.

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By GlobalData

Over its entire term, this Phase 1 project is anticipated to fetch Guyana more than $7bn in royalty and profit oil revenues.

For the Phase 2 Liza development, the company will add another FPSO with a capacity of 220,000 barrels per day, with plans for a third one to support the Payara development.

The combined capacity of the three developments is expected to be around 500,000 barrels of oil per day.