Precautionary measures among conditions for gov’t approval of Exxon’s Lisa Phase

Dr. Mark Bynoe

Having received government and regulatory approvals, ExxonMobil yesterday announced that it has funded its Liza Phase 2 development project offshore Guyana and it is expected to cost US$6 billion and produce up to 220,000 barrels of oil per day, with startup expected in mid-2022.

The final investment decision for Liza 2 had been delayed following extended negotiations between Exxon and local regulators.

Last week, Neil Hansen, Vice President of Investor Relations and Secretary of ExxonMobil, had said that a final investment decision was expected soon subject to government and regulatory approvals. Subse-quently, Stabroek News reported on Monday that the Environmental Protection Agency had, following intense negotiations, granted the necessary environmental permit and Head of the Department of Energy (DoE) Dr Mark Bynoe, at a press conference yesterday, disclosed government approved the Field Development Plan (FDP) for Liza Phase 2 on Monday…..

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