Guyana

This latest find means the offshore driller has averaged at least three new discoveries each year since it began drilling offshore Guyana where it plans to recover up to 8 billion barrels of crude.

Putting together the billions of dollars needed to develop deepwater finds has become tougher, but when the discoveries are huge, companies will make every effort to find a way to tap what may be a cheap source of oil.

ExxonMobil and Halliburton made additional cuts in spending and personnel.

A VLCC converted to FPSO, Liza Destiny has a production capacity of 120,000 B/D of oil.

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.