Exxon, partners sinking US$4.4B into Liza field

Following the granting of a production licence by government here, ExxonMobil yesterday announced that it has made a final investment decision to proceed with the first phase of development for the Liza field at a cost of US$4.4 billion. “We’re excited about the tremendous potential of the Liza field and accelerating first production through a phase’s development in this lower cost environment,” a release from the company quotes its President Liam Mallon as saying. “We will work closely with the government and co-venturers and the Guyanese people in developing this world class resource that will have long-term and meaningful benefits for the country and its citizens,” he added. Among other things, the US$4.4 billion caters for a FPSO facility which is designed to produce as much as 120,000 barrels of oil per day. The company said that production is expected to start by 2020.