Exxon to greenlight 1.4 Bbbl Guyana discovery in 2017

By Joe Carroll on 12/21/2016

IRVING, Texas (Bloomberg) -- Exxon Mobil plans to formally approve investing in the 1.4-Bbbl Liza oil discovery off the coast of Guyana by the end of 2017.

Exxon hired SBM Offshore NV to design a floating production and storage vessel that will handle crude pumped from the field 120 miles (193 km) off Guyana’s coast, the Irving, Texas-based explorer said in a statement on Tuesday.

If Exxon’s board ultimately approves moving forward with the project, SBM would construct, install and operate the vessel, according to the statement. In the initial phase of development, Exxon envisions the field producing 100,000 bpd, Jeffrey Woodbury, V.P. of investor relations, said during an Oct. 28 conference call with analysts.

Exxon owns a 45% stake in Liza field. Its partners include Hess Corp., which owns 30%, and CNOOC Ltd. with a 25% interest. Exxon is drilling additional wells near the Liza discovery with Stena AB’s Stena Carron drillship, Woodbury said during the call.

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