Offshore Guyana ExxonMobil and its partner Hess Corp. have announced that the major discovery off the coast of Guyana, is a discovery that is much larger than previously expected. The Liza field could turn out to be the largest oil discovery reported in two years and the companies say that it could cost $18 billion to develop. Exxon describes it as a “world-class discovery with a recoverable resource of between 800 million and 1.4 billion oil-equivalent barrels.” That could amount to as much as half of the entire volume of oil discovered across the entire industry in 2015. “We are excited by the results of a production test of the Liza-2 well, which confirms the presence of high-quality oil from the same high-porosity sandstone reservoirs that we saw in the Liza-1 well completed in 2015,” Steve Greenlee, president of Exxon Mobil Exploration Company, said in a statement. “We, along […]