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ExxonMobil greenlights Liza development in offshore Guyana; $4.4B Phase 1 investment

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Exxon Mobil Corporation will proceed with the first phase of development for the Liza field, one of the largest oil discoveries of the past decade, located offshore Guyana. Production is expected to begin by 2020, less than five years after discovery of the field. Hess Guyana Exploration Ltd.

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ExxonMobil adds 2.7B barrels oil equivalent to reserves; replaces 183% of 2017 production

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billion oil-equivalent barrels of proved oil and gas reserves in 2017, replacing 183% of production. ExxonMobil’s reserves life at current production rates is 14 years. Offshore Guyana, ExxonMobil has discovered recoverable resources, including current proved reserves and additional resources, estimated to be 3.2

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ExxonMobil evaluating significant near-term capital and operating expense reductions; COVID-19

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For 2020, the company anticipated an investment level of up to $33 billion, depending on the progress of individual projects. ExxonMobil and its partners started production of oil at the Liza field in December 2019, less than five years after the first discovery of hydrocarbons and years ahead of industry average. million net acres.