On January 20, reports emerged that the Caribbean nation of Guyana had officially exported its first-ever shipment of crude oil. The one million barrels of sweet crude that were sent to the United States had been produced at the Stabroek Block’s Liza oil field, which thanks to operator ExxonMobil had made history in December by producing the first crude oil in Guyana’s history.
The achievement of producing oil in Guyana—a diminutive country that, while located in South America, is identified as part of the Caribbean—marks the culmination of more than a decade of work in Guyana by ExxonMobil. It was back in 2008 that the US oil major’s subsidiary Esso Exploration & Production began exploring the country’s offshore territory before it struck black gold seven years later when it discovered substantial hydrocarbon reserves in the Liza-1 well.
According to the company itself, production from the first phase of the Liza field should reach full capacity of 120,000 barrels of oil per day (bpd) during the next few months. What’s more, the Exxon-led group, which also involves US oil-company Hess and China’s CNOOC (China National Offshore Oil Corporation), is now well underway towards developing Liza Phase 2, with a start-up date scheduled for mid-2022 and production expected to reach 220,000 bpd. Stabroek’s third development at Payara will then come online in 2023.
Read the rest here- International Banker
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