With permission granted by the local agencies, the ExxonMobil company has announced that it has funded the Liza Phase 2 development offshore Guyana.
According to the company, Liza Phase 2 will produce up to 220,000 barrels of oil per day and further capitalize on the significant development potential of the Stabroek Block.
ExxonMobil has indicated that it estimates producing more than 750,000 barrels of oil per day by 2025.
“With the government of Guyana and our partners, ExxonMobil is bringing industry-leading upstream capabilities to build upon Phase 1 and further develop the shared value of Guyana’s resources,” said Liam Mallon, president of ExxonMobil Upstream Oil & Gas Company in a statement from the company.
“We are actively pursuing significant development potential from numerous discoveries in the Stabroek Block.”
The company said the Phase 2 startup is expected in mid-2022 and will develop approximately 600 million barrels of oil.
Already the company is preparing for first oil at its first development in the Stabroek Block. Oil production is set to begin by early 2020.
The company has already discovered more than 5.5 billion barrels of oil in that first development.