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Exxon eyes 2020 production startup at Guyana's Liza Phase 1

Published 06/12/2018, 10:16 AM
© Reuters.  Exxon eyes 2020 production startup at Guyana's Liza Phase 1
XOM
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HES
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  • Exxon Mobil (XOM +0.5%) says the Liza Phase 1 development continues to "rapidly progress," with the start of development drilling offshore Guyana.
  • XOM says development drilling began in May for the first of 17 wells planned for Phase 1, laying the foundation for production startup in 2020.
  • XOM expects Liza Phase 1 to generate more than $7B in royalty and profit oil revenues for Guyana over the life of the project, with oil production from three developments in the project exceeding 500K bbl/day.
  • XOM owns a 45% interest in Liza Phase 1 while Hess (HES +0.4%) holds 30% and Cnooc's (CEO +0.9%) Nexen has a 25% stake.
  • Now read: Hess (HES) Presents At Citi 2018 Global Energy & Utilities Conference - Slideshow


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