ExxonMobil drilling heralds oil era in Guyana
Keen to add to its production base, ExxonMobil hopes to have the oil flowing from offshore Guyana within two years
It's not yet certain whether the tiny Caribbean state of Guyana is in good shape to handle the revolutionary economic and social impact of a multi-billion-dollar oil industry, but we are about to find out. ExxonMobil has announced that drilling started in May on the first development well for the Liza Phase 1 offshore project—the first of 17 production wells planned for this phase. That programme is expected to result in the start of production in 2020 via a floating production, storage and offloading vessel (FPSO) called Liza Destiny. The FPSO, now being converted from an oil tanker, is expected to have a capacity of 120,000 barrels a day (b/d) of oil. Another FPSO with a capacity of 220,00
Also in this section
25 April 2024
Some companies with assets in Israel have turned towards Egypt as tensions escalate, but others are holding firm despite rising tensions
24 April 2024
But even planned exploration activity is unlikely to reverse declining output from mature fields
23 April 2024
Cheaper Russian barrels and lower overall crude prices have helped cut key oil consumer’s import bills in election year
22 April 2024
Pursuing three different goals as part of the same package may mean achieving none of them