Guyana Moves to Strengthen Upstream Regulation as Exxon Achieves Liza FID

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As Exxon Mobil Corporation’s Liza project moves into the development phase, the challenge for the Guyanese government is to strengthen the regulatory framework and put in place a regime for management of petroleum revenues. On June 16 Exxon announced that it has taken the Final Investment Decision (FID) for the first phase of development, with first oil forecast for 2020. While the offshore Guyana-Suriname Basin has attracted exploration interest for decades, Liza marked the first commercial discovery. Since the May 2015 discovery, Exxon has drilled three successful appraisal wells at Liza and made two further discoveries in the same block, with further development phases likely.

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