ExxonMobil has reached a final investment decision to move forward with the Hammerhead development offshore Guyana, following the completion of regulatory approvals. Hammerhead, located on the Stabroek block, will be the company’s seventh project in the area and is scheduled to begin production in 2029.
The US$6.8 billion Hammerhead project will deploy a floating production storage and offloading (FPSO) vessel designed to handle approximately 150,000 barrels of oil per day. Plans include 18 production and injection wells, which will lift overall installed capacity across the Stabroek block to about 1.5 million barrels per day once fully operational. “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.”
The Hammerhead project represents US$6.8 billion of fresh investment in Guyana’s economy. With seven projects now sanctioned, ExxonMobil has committed more than US$60 billion to Stabroek block developments.
Since 2019, Guyana has received over US$7.8 billion into its Natural Resource Fund from oil production. Around 6,200 Guyanese workers are currently engaged in operations linked to Stabroek, making up roughly 70% of the total workforce. Since 2015, ExxonMobil Guyana and its contractors have spent more than US$2.9 billion with local suppliers.
Production from the Stabroek block is presently around 650,000 barrels of oil per day. With the recent startup of the ONE GUYANA, the fourth FPSO, ExxonMobil expects output to surpass 900,000 barrels per day by the end of the year. Work is also progressing on the Uaru and Whiptail projects, the fifth and sixth sanctioned developments, with Uaru set to commence in 2026 and Whiptail in 2027.