ExxonMobil has made a final investment decision to proceed with first-phase development of the Liza field 118 miles offshore Guyana. Situated in 4,921 ft to 6,234 ft of water, Liza is one of the largest oil discoveries of the past decade. The company also said that the Liza-4 well has encountered more than 197 ft of high‑quality, oil-bearing sandstone reservoirs that could underpin a potential Liza phase two development. Gross recoverable resources for the Stabroek block are estimated at 2 billion to 2.5 billion BOE, which includes Liza and other successful exploration wells on Liza Deep, Payara, and Snoek. Liza phase one will include a subsea production system and a floating production, storage, and offloading vessel designed to produce up to 120,000 B/D of oil. Production is expected to begin by 2020, less than 5 years after field discovery. The company is the operator with a 45% interest in the block. Hess (30%) and CNOOC Nexen Petroleum Guyana (25%) hold the remaining stakes.