ExxonMobil said today that development drilling had kicked off on the Liza Phase 1 development offshore Guyana.
Seventeen wells will be drilled as part of the campaign, with first oil expected in 2020.
The field is thought to be capable of producing 3.2billion barrels of oil.
Liza Phase 1 involves the conversion of an oil tanker into a floating, production, storage and offloading (FPSO) vessel named Liza Destiny.
Construction of the FPSO and subsea equipment is under way in more than a dozen countries.
Liam Mallon, president of ExxonMobil Development Company, said: “The work our teams have done in Guyana is remarkable. 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 will provide significant economic benefits to Guyana.”
ExxonMobil has a 45% working interest in the project. Hess holds 30% and CNOOC holds 25%.
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