ExxonMobil has officially approved the investment of US$6.8 billion to develop Hammerhead, its seventh oil initiative in the Stabroek block. Scheduled to begin operations in 2029, the development marks a new step in the consolidation of the oil industry in Guyana.
A key offshore platform for regional growth
Hammerhead will use a floating production, storage and offloading (FPSO) vessel with the capacity to process with the capacity to process about 150,000 barrels of oil per day. The development is planned to include 18 deepwater production and injection wells, strengthening the region’s offshore infrastructure and adding strategic capacity to the company’s portfolio.
Guyana: emerging Caribbean hydrocarbon epicenter
Since the first discovery in the Stabroek block in 2015, ExxonMobil has driven an accelerated transformation in Guyana’s energy landscape. With Hammerhead, cumulative commitments across the seven projects already approved exceed $60 billion. The country has received more than $7.8 billion in revenues for its Natural Resources Fund since 2019.
Local impact and strengthening of the productive fabric
Currently, 70% of the workers linked to the Stabroek block are Guyanese, with more than 6,200 people employed in different operational stages. In addition, the company and its contractors have invested close to US$2.9 billion with local suppliers since 2015, invigorating the regional economy and strengthening the national supply chain.
Oil production growth projections
Today, ExxonMobil extracts around 650,000 barrels per day in the Stabroek block. With the recent start-up of its fourth FPSO unit, ONE GUYANA, production is expected to exceed 900,000 barrels per day by the end of the year. The previously approved Uaru and Whiptail projects are already under construction and are scheduled to start operations in 2026 and 2027, respectively.
International consortium: ExxonMobil for a strategic field
ExxonMobil Guyana Limited is the operator of the Stabroek block with a 45% interest. It is joined by Hess Guyana Exploration Ltd. with 30% and CNOOC Petroleum Guyana Limited with 25%. This alliance reflects a coordinated strategy to boost offshore development and respond to growing global energy demand.
With Hammerhead, ExxonMobil reaffirms its position as one of the key players in the transition and consolidation of the oil sector in the Southern Caribbean.
Source: Exxonmobil