ExxonMobil has made a final investment decision for the Hammerhead development offshore Guyana, after receiving the required regulatory approvals. Hammerhead, the seventh project on the Stabroek block, is anticipated to come online in 2029.

The development will utilize a floating production storage and offloading (FPSO) vessel with a capacity to produce approximately 150,000 barrels of oil per day.

The US$6.8 billion Hammerhead project will include 18 production and injection wells.

“We continue to set a new standard in Guyana – advancing an impressive seventh project just 10 years after first discovery,” said President of ExxonMobil Upstream Company Dan Ammann. “In collaboration with the people and government of Guyana, we’ve helped build a thriving new oil-and-gas industry in the country that is creating jobs, supplier opportunities, profits and follow-on investments.”

This latest decision increases funds committed for seven approved projects to more than US$60 billion. More than US$7.8 billion has been paid into Guyana’s Natural Resource Fund since production in the Stabroek block started in 2019.

There are currently some 6,200 Guyanese working in support of Stabroek block operations—which is about 70% of the workforce. ExxonMobil Guyana and its contractors have spent more than US$2.9 billion with Guyanese suppliers since 2015.

ExxonMobil is safely producing approximately 650,000 barrels of oil per day from the Stabroek block. With the recent successful startup of a fourth FPSO, the ONE GUYANA, the company anticipates growing production to more than 900,000 barrels of oil per day by the end of the year. Construction is underway for the fifth and sixth approved projects, Uaru and Whiptail, with Uaru anticipated to start production in 2026, and Whiptail is anticipated for startup in 2027.

ExxonMobil affiliate ExxonMobil Guyana Limited is operator and holds 45% interest in the Stabroek block. Hess Guyana Exploration Ltd. holds 30% interest, and CNOOC Petroleum Guyana Limited holds 25% interest.