Guyana

Guyana continues to strengthen its reputation as the world’s fastest growing offshore exploration hotspot.

A total of 12.2 billion BOE was discovered worldwide in 2019—the highest volume in 4 years, with offshore regions dominating the list of new deposits.

A significant discovery of oil off Suriname increases the odds that major oilfields off Guyana will extend across that international boundary.

First oil from the 120,000-B/D Liza Destiny FPSO is flowing ahead of schedule.

The startup of the deepwater field marks the beginning of production from the massive Stabroek Block, which contains an estimated 6 billion BOE. ExxonMobil estimates that at least 5 FPSOs will be producing more than 750,000 BOPD from the Stabroek Block by 2025.

First oil from the 120,000-B/D Liza Destiny floating production, storage, and offloading vessel, which arrived on the block in late August, is targeted for December.

As construction continues, SBM Offshore secured the $1.14 billion needed to finance work on the vessel. Liza Unity is scheduled for deployment at ExxonMobil's Liza Phase 2 development offshore Guyana.

SBM Offshore began construction on the vessel following ExxonMobil’s sanction of the Liza Phase 2 development offshore Guyana in May. It is designed to produce 220,000 BOPD after it starts up in 2022.

ExxonMobil has now made 14 discoveries offshore Guyana, while Tullow's announcement of its second find in the basin comes just a month after reporting its first.

Following a 42-day journey from Singapore, the Liza Destiny has arrived at the Stabroek Block offshore Guyana, where it is expected to produce up to 120,000 gross boe/D from the ExxonMobil-operated deepwater project upon startup.