Chief Executive Officer of ExxonMobil, Darren Woods recently disclosed that Guyana was a major achievement for all stakeholders while noting that the success represented the culmination of years of hard work and dedication by the people of Guyana and his project team.

The official made this comment during his company’s 2019 fourth-quarter earnings call.

During the call, he reminded investors that first oil was achieved ahead of schedule which is actually five years faster than the average timeline for the industry and at an industry-leading development cost.

With reference to Liza Phase One, he said that it will continue to ramp up production to 120,000 barrels a day over the next couple of months, while Liza Phase Two is progressing well with the startup in early 2022 still on track.

Woods also reminded that ExxonMobil has increased the estimated recoverable resource from the Stabroek Block to more than 8 billion barrels, an increase of 2 billion oil-equivalent barrels.

The CEO said, “We’ve now had 16 successful wells out of 18 drilled including our recently announced discoveries at Mako and Uaru. Resource size across these 16 successful wells equates to an average of more than 500 million barrels per discovery or the equivalent of a giant for each discovery.”

He further noted that Exxon recently brought in a fourth drillship to the basin and is making plans for a fifth. Woods said, too, that significant potential remains beyond the first few phases as it moves to test the Kaieteur and Canje Blocks to the north and east of Stabroek.


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