Name of the Project
Liza oilfield development project.

Location
The Liza field is about 190 km off the shore of Guyana, in water depths of 1 500 to 1 900 m.

Client
ExxonMobil.

Project Description
The Liza field is one of the largest oil discoveries of the past decade and forms part of the Stabroek block, which measures 26 800 km².

The Liza Phase 1 development includes a subsea production system and a floating production, storage and offloading (FPSO) vessel designed to produce up to 120 000 bbl/d of oil.

Jobs to Be Created
Not stated.

Value
Phase 1 is expected to cost just over $4.4-billion, which includes a lease capitalisation estimated at $1.2-billion for the FPSO facility, and will develop about 450-million barrels of oil.

Duration
Production is expected to begin by 2020, less than five years after discovery of the field.

Latest Developments
Exxon made a final investment decision to proceed with the first phase of development for the Liza field on June 16.
The company also announced positive results from the Liza-4 well, which encountered more than 60 m of high-quality, oil-bearing sandstone reservoirs, which will underpin a potential Liza Phase 2 development.

Gross recoverable resources for the Stabroek block are now estimated at 2-billion to 2.5-billion oil-equivalent barrels, which includes Liza and other successful exploration wells on Liza Deep, Payara and Snoek.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Too early to state.

Contact Details for Project Information
ExxonMobil media relations, tel +1 832 625 4000.