Liza field production is scheduled for 2020

American oil company Exxon Mobil Corp. reported that it will continue with the development of one of the largest oil discoveries of the last decade, the Liza oil field, located on the coast of Guyana, after receiving the approval of the Government of the South American nation. Field production should begin in 2020.

Liza field is part of the large block of Stabroek, that's out of a border region which is claimed by neighbor Guyana, Venezuela, in a territorial dispute that dates back more than a century. The area, however, works in practice as a territory of Guyana.

Exxon also said that your estimate of the amount of resources that could be extracted from the block increased from 2 billion to 2.5 billion barrels of oil equivalent. The first phase of the project will produce up to 120,000 Liza barrels of oil per day, with an expected cost of about $ $4.4 billion, according to the company.


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