ExxonMobil drilling heralds oil era in Guyana
Keen to add to its production base, ExxonMobil hopes to have the oil flowing from offshore Guyana within two years
It's not yet certain whether the tiny Caribbean state of Guyana is in good shape to handle the revolutionary economic and social impact of a multi-billion-dollar oil industry, but we are about to find out. ExxonMobil has announced that drilling started in May on the first development well for the Liza Phase 1 offshore project—the first of 17 production wells planned for this phase. That programme is expected to result in the start of production in 2020 via a floating production, storage and offloading vessel (FPSO) called Liza Destiny. The FPSO, now being converted from an oil tanker, is expected to have a capacity of 120,000 barrels a day (b/d) of oil. Another FPSO with a capacity of 220,00
Also in this section
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
