Exxon Mobil Corp. said June 16 it would proceed with the development of the Liza oil field, located offshore Guyana.
Production from the field, one of the largest oil discoveries of the past decade, is expected to begin by 2020, Exxon said.
The Liza field is part of the large Stabroek block, which is off a border region that is claimed by Guyana's neighbor, Venezuela, in a territorial controversy dating back more than a century. The area, however, functions in practice as Guyanese territory.
The development received regulatory approval from the Guyanese government, ExxonMobil said in a statement.
ExxonMobil also said its estimate of the amount of resources that could be extracted from the Stabroek block had increased to 2 Bboe to 2.5 Bboe.