The Government of Guyana has said that ExxonMobil is to begin production of oil and gas offshore Guyana by 2020 after making a significant discovery.

In 2015, the US-based company reported significant oil reserve from an area off Guyana.

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ExxonMobil commenced oil and gas exploration in Guyana in March 2015 by drilling offshore in the Liza-1 well in the Stabroek Block.

"New data will help the company to completely evaluate the block’s potential."

In May, the company’s Deepwater Champion drill ship made a significant oil find in the block, 120nm offshore Guyana.

Guyana President David Granger said that the company provided him with an overview of its operations in the country.

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ExxonMobil further plans to acquire seismic data and is preparing for a second drilling campaign.

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Greenlee said that it will update the government with regard to its future activities on the oil discovery made, as well as future exploration.

Following discovery of oil, the company plans to follow-up with data collection in a bid to understand the size and the commercial viability of the discovery.

New data will help the company to completely evaluate the block’s potential.