This seventh project is expected to begin production in 2029 and will add approximately 150,000 barrels of oil per day to the Stabroek block's total capacity.
In a significant move that underscores its long-term commitment to Guyana's burgeoning oil and gas sector, ExxonMobil has announced a final investment decision for the Hammerhead development, the seventh project on the prolific Stabroek block. This decision follows the successful acquisition of necessary regulatory approvals, signals a new phase of expansion that will further cement Guyana’s position as a key global oil producer.
The Hammerhead project, with an estimated investment of US$6.8 billion, is slated to commence production in 2029. The development will utilize a new floating production storage and offloading (FPSO) vessel, specifically designed to produce approximately 150,000 barrels of oil per day (bopd). This will bring the total installed capacity on the Stabroek block to an impressive 1.5 million bopd, once all seven approved projects are operational.
The Hammerhead development will feature 18 production and injection wells, a design aimed at maximizing efficiency and production output. Dan Ammann, President of ExxonMobil Upstream Company, expressed his satisfaction with the rapid pace of development in Guyana, stating, "We continue to set a new standard in Guyana – advancing an impressive seventh project just 10 years after first discovery." He added that the collaboration with the Guyanese government and its people has helped to build a "thriving new oil-and-gas industry in the country that is creating jobs, supplier opportunities, profits and follow-on investments."
The final investment decision for Hammerhead comes as existing projects continue to ramp up production. The fourth FPSO, the ONE GUYANA, recently came online, boosting current production from the Stabroek block to around 650,000 bopd. The company anticipates this figure will grow to over 900,000 bopd by the end of the year. Construction is also progressing on the fifth and sixth approved projects, Uaru and Whiptail, which are expected to begin production in 2026 and 2027, respectively.
ExxonMobil affiliate, ExxonMobil Guyana Limited, operates the Stabroek block and holds a 45% interest. Its partners are Hess Guyana Exploration Ltd., with a 30% interest, and CNOOC Petroleum Guyana Limited, which holds a 25% interest. The continued expansion of the Stabroek block projects underscores the strong partnership and the immense potential of Guyana’s offshore resources. The Hammerhead development is a testament to the ongoing success and rapid growth of the country's oil and gas sector.
