Exxon Mobil To Develop Oil Field Offshore Guyana

Exxon Mobil shares were barely higher pre-market Friday after the company reported it will develop the Liza field offshore of Guyana, which it described as “one of the largest oil discoveries of the past decade.”

The oil major said the Liza field is expected to initially produce about 120,000 barrels a day, with production expected to start in 2020. Exxon said gross recoverable resources on Stabroek block of the Liza field are estimated at 2.0 billion to 2.5 billion oil-equivalent barrels. Exxon added that the initial phase of development “is expected to cost just over $4.4 billion, which includes a lease capitalization cost of approximately $1.2 billion for the FPSO (floating production, storage and offloading facility), and will develop approximately 450 million barrels of oil.”

Leave a Comment