ExxonMobil continues to strengthen its presence in the market, after announcing its seventh oil project in Guyana, better known as the Hammerhead project. This project is scheduled to start operations in 2029.
The seventh oil project in Guyana
This new development is expected to increase the South American country’ s oil production capacity to more than 1.4 million barrels per day (bpd), strengthening and consolidating Guyana as a major player in the global energy industry with its“Guyana Oil“.
The Hammerhead development plan includes drilling up to 30 wells in the Stabroek block, where Exxon, along with its partners Hess Corporation and CNOOC, already produces more than 600,000 bpd. This new project will use a floating production, storage and offloading(FPSO) vessel to handle daily production of between 120,000 and 180,000 bpd.
Before Hammerhead becomes operational, the project must undergo rigorous environmental assessments and obtain final approval from the Guyanese government. The Guyana Environmental Protection Agency has requested an Environmental Impact Assessment(EIA) for this seventh project, which will be carried out by Exxon as operator of the Stabroek Block.
This announcement comes just three months after Exxon made the final investment decision for its sixth project in the region, the Whiptail development, at an estimated cost of $12.7 billion. Whiptail is expected to come on production in 2027, adding another 250,000 bpd to Guyana’s total capacity.
With this new project, ExxonMobil increases its investment in Guyana, and reinforces its commitment to sustainable development and responsible energy production.ExxonMobil is reinforcing its commitment to sustainable development and responsible energy production, contributing to Guyana’s growing importance in the global oil market.
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Source and photo: Oil Price
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