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Liza Phase One cost now stands at US$3.5 Billion
The development cost for the Liza Phase One Project in the Stabroek block was initially projected to be US$4.4B but that has been revised downwards to US3.5B says Chief Executive Officer (CEO) of Hess Corporation, John Hess.
During his company’s fourth quarter earnings call for 2019, Hess specifically stated, “…Liza Phase One was budgeted at $4.4 billion gross, including the purchase of the Floating Production Storage and Offloading (FPSO) vessel (Liza Destiny). We now expect the gross cost for the development to be approximately $3.5 billion or 21% below the sanctioned estimate.”
The official was keen to remind that on December 20, 2019, Guyana would have commenced oil production from the Liza Phase One project. He said that this development is less than five years after the discovery of hydrocarbons and wellhead of the industry average for deepwater developments.
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