ExxonMobil has announced the final investment decision for the Hammerhead development, its seventh deepwater project in the Stabroek block, after receiving the necessary regulatory approvals. This adjustment provides for Hammerhead to come onstream in 2029, consolidating the company’s energy expansion in Guyana.
Hammerhead development progress
The project was valued at $6.8 billion, and will utilize a floating production, storage and offloading(FPSO) vessel with the capacity to produce approximately 150,000 barrels of oil per day. Hammerhead will include 18 production and injection wells, and adds to a development portfolio that has committed more than $60 billion in approved investments.
We continue to set the standard in Guyana, driving an impressive seventh project just 10 years after the first discovery.
In partnership with the people and government of Guyana, we have helped build a thriving new oil and gas industry in the country that generates jobs, supplier opportunities, profits and complementary investments.
Dan Ammann, president of ExxonMobil Upstream Company.
Since the start of production on the Stabroek block in 2019, more than $7.8 billion has been paid into the Guyana Natural Resources Fund. Currently, some 6,200 Guyanese are employed in the block’s operations, representing approximately 70% of the workforce. ExxonMobil Guyana and its contractors have invested more than $2.9 billion with local suppliers since 2015.
Current production in the Stabroek block reaches 650,000 barrels per day. With the recent start-up of the fourth FPSO, ONE GUYANA, the company expects to exceed 900,000 barrels per day by the end of the year. Construction of the fifth and sixth projects, Uaru and Whiptail, is underway, with planned start-up dates of 2026 and 2027, respectively.
ExxonMobil Guyana Limited, a subsidiary of ExxonMobil, operates the Stabroek block with a 45% interest. And on the part of its partners, Hess Guyana Exploration and CNOOC Petroleum Guyana Limited hold 30 % and 25 % stakes, respectively, consolidating a strategic alliance for the region’s energy development.
Source: ExxonMobil
Photo: Shutterstock
