ExxonMobil has approved funding for the USD 6.8-billion Hammerhead development in Guyana’s Stabroek Block, marking its seventh oil project in the country, the company said on Monday.
First oil is expected in Q2 2029 from the project, which will utilise an FPSO with a production capacity of 150,000 bopd.
The Hammerhead development will also support the country’s gas-to-energy ambitions, with associated gas routed to a pipeline network aimed at boosting Guyana’s electricity supply.
The project moves ExxonMobil and its partners closer to their goal of reaching 1.7 million boepd by 2030 from Guyana.
ExxonMobil operates the Stabroek Block with a 45% stake, alongside Chevron with 30% and CNOOC holding 25%.
Construction is currently underway on the joint venture’s fifth and sixth developments, Uaru and Whiptail, both scheduled to begin production in 2026 and 2027.
ExxonMobil is a US-based energy major engaged in the global exploration, production, refining and marketing of oil, gas and petrochemicals. The company is a leader in deepwater exploration and operates major LNG, downstream and low-carbon energy assets globally.
In Guyana, ExxonMobil is the operator of the prolific Stabroek Block, which spans 26,800 square kilometres. Since the first discovery in 2015, it has sanctioned multiple developments and significantly boosted Guyana’s role in the global upstream market.
Source: theenergyyear.com