A discovery in waters off the coast of Guyana is estimated to hold natural gas riches which could be up to 12 times more valuable than the country’s economy.
The Liza-1 well is estimated to have more than 700 million barrels of oil and could begin producing crude by the end of the decade.
An Exxon Mobil Corp. discovery in the Atlantic Ocean off Guyana may hold oil and natural gas riches 12 times more valuable than the nation’s entire economic output.
The Liza-1 well, which probably holds the equivalent of more than 700 million barrels of oil, may begin producing crude by the end of the decade, Raphael Trotman, the South American country’s minister of governance, said in an interview.
The prospect would be on par with a recent Exxon find at the Hadrian formation in the Gulf of Mexico, and would be worth about $40 billion at today’s international crude price.
