“It will have a positive impact on the economy. The big thing though, is the revenue that comes from the project. When this project starts, the government gets revenue from day one,” McGehee told the Private Sector on Thursday night at the Guyana Chambers of Commerce and Industry (GCCI) annual magazine launch.
Exxon, and its partners Hess Corporation and CNOOC Nexen, are currently in the first phase development of the Liza Field located in the Stabroek Block offshore Guyana.
During this first phase, Exxon will drill 17 wells. McGehee explained that the oil will be extracted from eight of those wells while water will be re-injected into six wells and gas re-injected into three wells. “That allows us to maintain pressures and maintain production levels,” McGehee explained. When the Liza Field begins production, it is expected to produce up to 120 barrels of oil per day.
The Liza Field alone is expected to produce up to half a billion barrels of oil McGehee stated, adding that, “Exxon and its partners are confident going ahead with these developments.”