ExxonMobil: to proceed with Guyana field development.
(CercleFinance.com) - Exxon Mobil, the world's largest publicly traded oil company, said on Friday it has decided to proceed with the first phase of development for the Liza field, located offshore Guyana.
The decision was made after the US oil producer encountered more than 197 feet (60 metres) of high-quality, oil-bearing sandstone reservoirs in one of the field's wells.
The Liza field, located approximately 190 kilometres offshore in water depths of 1,500 to 1,900 metres, is considered to be one of the largest oil discoveries of the decade.
Production is expected to begin by 2020, less than five years after the discovery of the field. Phase 1 itself is expected to cost just over 4.4 billion dollars.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The decision was made after the US oil producer encountered more than 197 feet (60 metres) of high-quality, oil-bearing sandstone reservoirs in one of the field's wells.
The Liza field, located approximately 190 kilometres offshore in water depths of 1,500 to 1,900 metres, is considered to be one of the largest oil discoveries of the decade.
Production is expected to begin by 2020, less than five years after the discovery of the field. Phase 1 itself is expected to cost just over 4.4 billion dollars.
Copyright (c) 2017 CercleFinance.com. All rights reserved.