Hess Corporation reported today that cost for the Liza Phase One project has been substantially reduced. According to the company’s CEO John Hess, the project was budgeted at $4.4 billion gross, including the purchase of the Liza Destiny Floating Production Storage and Offloading (FPSO) vessel. He disclosed however that the gross cost for the development is now expected to be approximately $3.5 billion or 21% below the sanctioned estimate.
In the meantime, the Liza Phase One production continues to ramp up. Current gross production is approximately 75,000 barrels of oil per day from three of the five producers available at start-up.
