Oil Boom Begins in Guyana as Exxon Produces First Liza Crude
- Tiny nation to produce 750,000 barrels per day by 2025
- Exxon and partner Hess also report another offshore discovery
This article is for subscribers only.
Exxon Mobil Corp. and its partners produced the first commercial crude from Guyana, setting the small South American nation on a path to potentially vast flows of oil revenues.
Output from the first phase of the offshore Liza field is expected to reach full capacity of 120,000 gross barrels of oil per day in coming months, with the first cargo to be sold within several weeks, the companies said in separate statements late Friday.