• 3 minutes China's aggression is changing the nature of sovereignty.
  • 8 minutes Will Variants and Ill-Health Continue to Plague Economic Outlooks?
  • 11 minutes Europe gas market -how it started how its going
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 14 hours Russia, Ukraine and "2022: The Year Ahead"
  • 24 hours January 23rd - Washington D.C. and Brussels - Demonstrations Against Tyranny
  • 12 hours Energy Storage Could Emerge As The Hottest Market Of 2022
  • 2 hours "Tackling One Of The Fracking Industry’s Biggest Problems" by Robert Rapier
  • 4 days Following the Big Money
Is A Lithium Cartel Inevitable?

Is A Lithium Cartel Inevitable?

As lithium becomes one of…

This Country Just Produced Oil For The Very First Time

Guyana officially joined the ranks of oil producing nations, after ExxonMobil and its partners began oil production offshore the South American country.

ExxonMobil and its partner Hess Corporation launched oil production from the Liza field offshore Guyana ahead of schedule and less than five years after the first discovery of oil, the U.S. supermajor said in a statement.

The first cargo of oil from Guyana is set to be sold within several weeks, while production from Liza Phase 1 is expected to reach full capacity of 120,000 barrels of oil per day (bpd) in coming months, Exxon said.  

“We are proud of our work with the Guyanese people and government to realize our shared long-term vision of responsible resource development that maximizes benefits for all,” Exxon’s chairman and CEO Darren Woods said.

Guyana’s President David Granger declared December 20 “National Petroleum Day” to mark the beginning of the first-ever oil production in the country.

Exxon has been the undisputed leader in exploration success in the newest offshore hot spot. In September, ExxonMobil made another oil discovery offshore Guyana, adding to a previously estimated recoverable resource of more than 6 billion oil-equivalent barrels on the Stabroek Block, just a few months before it begins oil production from the Liza Phase 1 development.

ExxonMobil has made more than a dozen oil discoveries offshore Guyana, which is the supermajor’s key development priority in the coming years together with significantly boosting shale production in the Permian basin in the U.S.

Liza Phase 1 will produce up to 120,000 bpd via the Liza Destiny floating production storage and offloading (FPSO). Exxon has also approved the Liza Phase 2 development, which is expected to begin production of up to 220,000 bpd by the middle of 2022. A third development, Payara, could begin pumping oil as soon as 2023, subject to government approvals, according to Exxon.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News