Exxon Mobil Corp. (NYSE: XOM) said June 12 it started development drilling in three offshore Guyana projects, which could produce more than 500,000 barrels per day (bbl/d) of oil.
The Irving, Texas-based company said it expects to start producing oil from these developments in 2020.
The projects, known as Liza Phase 1, include the conversion of an oil tanker into an FPSO vessel, which would have a production capacity of 120,000 bbl/d of oil.
A second FPSO with a capacity of 220,000 bbl/d is being planned and a third is under consideration, the company said.
Exxon Mobil said in March that projects in Guyana and the Permian Basin region of Texas and New Mexico, as well as refining and chemical plant expansions, should drive earnings gains.