The United States-based oil giant ExxonMobil has announced that it has started development drilling offshore.
In a statement, the company said that the Liza Phase 1 development continues to rapidly progress and that development drilling began in May for the first of 17 wells planned for Phase 1, laying the foundation for production start-up in 2020.
The company and its co-venturers have so far discovered estimated recoverable resources of more than 3.2 billion oil-equivalent barrels on the Stabroek Block.
President of ExxonMobil Development Company, Liam Mallon, said the work being done in Guyana is remarkable.
He said the Liza development and future projects will provide significant economic benefits to Guyana.
Liza Phase 1 is expected to generate more than US$7 billion in royalty and profit oil revenues for Guyana over the life of the project.
ExxonMobil said it spent about US$24 million with more than 300 local suppliers in 2017 and opened the Center for Local Business Development in Georgetown, Guyana, to promote the establishment and growth of small and medium-sized local businesses.