Drilling, according to ExxonMobil’s latest progress report, started last month on the first of 17 wells planned for the Liza Phase 1 project offshore Guyana.
The company expects first production in 2020, and estimates recoverable resources discovered to date across the Stabroek block at more than 3.2 Bboe.
Liam Mallon, president of ExxonMobil Development Co., 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 would provide significant economic benefits to Guyana, he added, with Liza generating more than $7 billion in royalty and profit oil revenues for the country.
Offshore reports that Phase 1 involves the conversion of an oil tanker into the FPSO Liza Destiny, and installation of four subsea drill centers with 17 production wells. Construction of the FPSO and subsea equipment is under way in over a dozen countries.
The Liza Destiny will have a production capacity of 120,000 b/d of oil. A second FPSO with a capacity of 220,000 b/d is planned for Liza Phase 2, and a third is under consideration for the Payara field. Together, these three developments will produce more than 500,000 b/d.
“Our focus is on enabling local workforce and supplier development, and collaborating with the government to support the growth and success of Guyana’s new energy industry,” Mallon added.
According to Offshore report, around 50percent of the company’s employees, contractors, and subcontractors for the project are Guyanese, with the percentage growing further as operations progress.
ExxonMobil spent roughly $24 million with more than 300 local suppliers in 2017, and opened the Centre for Local Business Development in Georgetown to promote the establishment and growth of small- and medium-sized local businesses.
To date the center has provided access to training and capacity-building support for more than 275 local businesses.