THE Guyana Oil & Gas Energy Chamber (GOGEC) has commended and congratulated ExxonMobil and its consortium partners for the commencement of production at its second development project in the Stabroek Block, Liza Phase Two.

This, the chamber said, is in line with meeting ExxonMobil’s ramped up production targets which will be mutually beneficial for both ExxonMobil and its consortium and Guyana.

As a result, oil production will increase from 120,000 barrels per day to over 300,000 barrels per day in 2022.

According to a release from ExxonMobil, production at the Liza Unity Floating, Production, Storage and Offloading (FPSO) vessel is expected to reach its target of 220,000 barrels of oil later this year, as operations continue to be brought safely online.

This adds to the more than 120,000 barrels per day of capacity at the Liza Destiny FPSO, which began production in December 2019 and is now delivering at better than design capacity.

The Stabroek Block’s recoverable resource base is currently estimated at more than 10 billion oil-equivalent barrels.