ExxonMobil said on Friday that it had made a final investment decision to proceed with the first phase of development of the Liza field offshore Guyana, which is expected to cost just over US$4.4 billion. The Phase 1 development at Liza field—one of the largest oil discoveries of the past decade—will include a subsea production system and a floating production, storage, and offloading (FPSO) vessel designed to produce up to 120,000 barrels of oil per day, Exxon said. Production is expected to begin by 2020, less than five years after discovery of the field. The U.S. major’s development plan has received regulatory approval from Guyana’s government, Exxon added. “We’re excited about the tremendous potential of the Liza field and accelerating first production through a phased development in this lower cost environment,” Liam Mallon, president, ExxonMobil Development Company, said in the press release. The Liza field is part of the […]