ExxonMobil wins int’l award for rapid speed of Guyana’s Liza 1 development

May 02, 2023 ExxonMobil, News, Oil & Gas

Kaieteur News – American oil giant, ExxonMobil has won an award for the rapid speed its affiliate ExxonMobil Guyana was able to develop Liza Phase 1 in the country’s prolific Stabroek Block.

On Sunday April 30, Exxon received the Offshore Technology Conference (OTC) Distinguished Achievement Award 2023 for companies, organizations, and institutions. The OTC four-day event commenced on May 1, and is being held in Houston, Texas, United States of America (USA).

Houston, TX – OTC 2023 – Awardees during Distinguished Achievement Awards rehearsal at the Offshore Technology Conference here today, Sunday April 30, 2023. The OTC 2023 meeting at the NRG Park features the latest technology in the energy industry. Photo by © OTC/Todd Buchanan 2023 Contact Info: [email protected] Keywords: Awards, DAAE, distinguished achievement awards reception

Exxon’s Guyana affiliate Esso Exploration and Production Guyana Limited (EEPGL) is the operator of Guyana’s lucrative Stabroek Block which has over 11 billion proven barrels of oil.

According to a statement from OTC, ExxonMobil received the award for their innovative work that has resulted in Liza Phase 1 being one of the fastest projects of its type in the industry, cycling from discovery to production in less than five years, compared to the historical 10-year timeline for projects of this magnitude.

It was added that Liza Phase 2 then came online about two years after Liza Phase 1 and within eight years of discovery, total production from the Liza field is approaching 400,000 barrels per day — helping to responsibly meet the world’s energy needs at a critical time.

“Prior to the Liza Development, Guyana had no active offshore oil industry, and little was known about its metocean and seabed conditions. ExxonMobil Guyana applied technology and novel execution approaches to discover, define and rapidly develop the Liza field in a frontier oil and gas location, turning it into one of the most successful deepwater developments in the world,” OTC said in the statement.

Notably, Exxon’s performance is in line with Guyana’ Vice President, Bharrat Jagdeo request for the oil and gas companies to accelerate exploration.

Back in February, President of ExxonMobil’s Upstream Company, Liam Mallon had boasted about the breakneck speed with which ExxonMobil Guyana was able to cut the time in half to move from exploration to production in a deepwater project.

Liza Phase 1 Development offshore Guyana

Mallon was at the time speaking at the second International Energy Conference and Expo 2023 being held at the Guyana Marriott Hotel. He underscored that since the first discovery in 2015, the estimate of Guyana’s resource has grown to nearly 11 billion barrels, which makes it the largest in industry in the past decade. “In total we’ve made more than 30 discoveries, and we’re still exploring Guyana’s vast potential,” Mallon added.

Mallon continued, “And really critically, we moved from the very first Liza 1 exploration well to first production nearly three years ago in under five years. That is roughly half the industry average time for a typical deep water development.”

Notably, Mallon stated too that in total, the oil major anticipates having six projects online with a capacity of more than 1.2 million barrels per day by end of 2027.