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ExxonMobil begins oil production in offshore Guyana; estimated ~6B barrels oil equivalent recoverable in Stabroek Block

Startup of the first phase of the development comes less than five years after discovery.

The government will later seek proposals from companies interested in a longer-term contract to market Guyanese crude, the statement said.

Liza will be the first Guyanese crude grade produced and offered to the oil market.

The overall value of the contracts, together with the contract in Guyana, is worth approximately $880 million.

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