BAKU, Azerbaijan, September 22. ExxonMobil has approved a $6.8 billion final investment for the Hammerhead development, the seventh project on the Stabroek block offshore Guyana, following receipt of required regulatory approvals, Trend reports.
According to the company, production is expected to kick off in 2029.
The project will use a floating production storage and offloading (FPSO) vessel capable of producing around 150,000 barrels of oil per day and 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 Dan Ammann, President of ExxonMobil Upstream Company. “In collaboration with the people and government of Guyana, we’ve helped build a thriving new oil-and-gas industry that is creating jobs, supplier opportunities, profits and follow-on investments.”
With Hammerhead, total investment in seven approved Stabroek block projects surpasses US$60 billion. Since production began in 2019, more than US$7.8 billion has been deposited into Guyana’s Natural Resource Fund.
Currently, roughly 6,200 Guyanese—about 70% of the workforce—support Stabroek operations, and ExxonMobil and its contractors have spent over US$2.9 billion with local suppliers since 2015.
ExxonMobil is producing approximately 650,000 barrels of oil per day from the Stabroek block. Following the recent startup of the fourth FPSO, ONE GUYANA, production is expected to exceed 900,000 barrels per day by year-end. Construction is underway for the fifth and sixth approved projects, Uaru and Whiptail, expected to start production in 2026 and 2027, respectively.
ExxonMobil Guyana Limited operates the block with a 45% interest. Hess Guyana Exploration Ltd. holds 30%, and CNOOC Petroleum Guyana Limited holds 25%.