ExxonMobil has made a final investment decision for the Hammerhead development offshore Guyana, following receipt of the required regulatory approvals. The Hammerhead project represents the seventh development on the Stabroek block and is anticipated to come online in 2029.

Project Specifications and Capacity

The USD 6.8 billion Hammerhead project will utilize a floating production storage and offloading (FPSO) vessel with the capacity to produce approximately 150,000 barrels of oil per day. The development will include 18 production and injection wells. This seventh Stabroek block development will bring the total installed capacity on the block to 1.5 million barrels of oil per day. The project represents additional investment in Guyana's growing economy.

Current Production and Future Growth

ExxonMobil is currently 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. Uaru is expected to start production in 2026, and Whiptail is anticipated to commence operations in 2027.

Investment and Economic Impact

The latest decision increases funds committed for seven approved projects to more than USD 60 billion. More than USD 7.8 billion has been paid into Guyana's Natural Resource Fund since production in the Stabroek block started in 2019. ExxonMobil Guyana and its contractors have spent more than USD 2.9 billion with Guyanese suppliers since 2015. There are currently some 6,200 Guyanese working in support of Stabroek block operations, which represents about 70% of the workforce.

Partnership Structure and Leadership

ExxonMobil's affiliate, ExxonMobil Guyana Limited, serves as the operator and holds a 45% interest in the Stabroek block. Hess Guyana Exploration Ltd. holds 30% interest, and CNOOC Petroleum Guyana Limited holds 25% interest. “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.”

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