Management Address Apr 2017

Welcome to the second edition of the Liza Project Newsletter. It’s an opportunity to highlight and celebrate the progress the team is making toward our vision of ‘One Team Delivering – Onstream in 2019’. As you’ll see, we have accomplished much in these past several months.

One of our best accomplishments is achieving one million safe man hours on Liza Phase 1 while increasing activity on all fronts. This demonstrates that each of us play an important role in ensuring that we relentlessly pursue an incident free workplace and passionately protect the environment we work in.

We have ramped up the FPSO conversion work at Keppel shipyard and the topsides fabrication work at Dyna-Mac yard in Singapore. Numerous subsea equipment components continue to be manufactured around the world. We received the first two shipments of line pipe from Japan to be coated in the US and began operations at our shore base in Guyana. Now we can start development drilling in the second quarter of 2018 and the team is progressing detailed planning for the 2019 offshore installation.

In parallel to the Phase 1 activity, the Phase 2 team is making good progress toward finalizing concept selection. Critical path environmental permitting is underway, subsurface modeling is well developed, and Pre-FEED activities are nearing completion. The team is focused on achieving Gate 2 and AC#1 in the second quarter, with a target of starting up Phase 2 within two years of Phase 1. We look forward to sharing more details of Phase 2 in our next quarterly newsletter.

I’m proud that the team continues to demonstrate that we are the ‘Foundation for the Future’ of deep water developments and the beginning of a new oil and gas industry in Guyana. We are a strong team of over 1,500 people working in more than 25 locations around the globe and we should all share in the accomplishments as we move closer to first oil on Phase 1.

I hope you enjoy reading about several of the highlights in the newsletter and look forward to continuing this historic journey with you!