Woodmac: Only the 'Very Best' Projects Sanctioned

Woodmac: Only the 'Very Best' Projects Sanctioned
Only the very best deepwater projects have been sanctioned during the oil price downturn, which speaks volumes of the Liza field's potential.

Only the very best deepwater projects have been sanctioned during the oil price downturn, which speaks volumes of the Liza field’s potential, Pablo Medina, Wood Mackenzie's senior analyst for Latin America upstream, said in a statement sent to Rigzone.

“The short time it took ExxonMobil to go from Liza's discovery to declaring Final Investment Decision (FID) signals the competitiveness of the project, both within the company's portfolio and globally,” Medina stated.

ExxonMobil Corp revealed June 16 that it, and its partners, would spend $4.4 billion to develop part of the Liza oilfield off the coast of Guyana.

Woodmac forecasts that the full development of Liza-Payara will produce over 330,000 barrels per day of oil at peak, with reserves of over 1.5 billion barrels of oil equivalent. However, the full development solution will need to address the challenge of gas monetisation, Woodmac warned, given the field's remoteness from the coast and the lack of a gas market in Guyana.

“Guyana will have the task of managing the complexities of developing its first oil and gas field,” Medina said.

“Within 10 years, we expect the Liza-Payara development to produce 330,000 bpd, allowing Guyana to join the ranks of other Latin American producers, where legacy production has been in steady decline,” he added.

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