ExxonMobil today announced that oil production has started from the deepwater Liza field offshore Guyana ahead of schedule and less than five years after the first discovery of hydrocarbons.

Production from the first phase of the Liza field, located in the Stabroek Block, is expected to reach full capacity of 120,000 barrels of oil per day in coming months, and the first cargo is set to be sold within several weeks, the US supermajor said.

“This historic milestone to start oil production safely and on schedule demonstrates ExxonMobil’s commitment to quality and leadership in project execution,” said Darren Woods, chairman and chief executive officer of Exxon Mobil Corporation.

The concept design for the Liza Phase 1 development project features the Liza Destiny floating, production, storage and offloading (FPSO) vessel moored 190 kilometers offshore Guyana, and four subsea drill centers supporting 17 wells.

ExxonMobil and its direct contractors have spent approximately $180 million with more than 630 local suppliers since the first discovery in 2015.

A second FPSO, Liza Unity, with a capacity to produce up to 220,000 barrels of oil per day is under construction to support the Liza Phase 2 development, and front-end engineering design is underway for a potential third FPSO, the Prosperity, to develop the Payara field upon government and regulatory approvals. ExxonMobil anticipates that by 2025 at least five FPSOs will be producing more than 750,000 barrels per day from the Stabroek Block. 

The current estimated discovered recoverable resource for the Stabroek Block is more than 6 billion oil equivalent barrels. Esso Exploration and Production Guyana Limited is operator and holds 45 percent interest. Hess Guyana Exploration Ltd. holds 30 percent interest and CNOOC Nexen Petroleum Guyana Limited holds 25 percent interest.