- ExxonMobil's Hammerhead project in Guyana will start in 2029 with a $6.8 billion investment.
- The project includes 18 wells and an FPSO vessel producing 150,000 barrels/day.
- Total funds for seven projects in Guyana exceed $60 billion.
- ExxonMobil holds 45% interest in the Stabroek block, with Hess and CNOOC holding 30% and 25% respectively.
Project Overview
ExxonMobil has approved the Hammerhead development offshore Guyana, marking the seventh project on the Stabroek block. The project is set to commence in 2029, following regulatory approvals.
Production Capacity
The development will employ a floating production storage and offloading (FPSO) vessel, capable of producing approximately 150,000 barrels of oil per day. The project will include 18 production and injection wells.
Investment and Economic Impact
The Hammerhead project represents a $6.8 billion investment. Cumulatively, the seven approved projects in Guyana have committed over $60 billion. Since 2019, more than $7.8 billion has been contributed to Guyana’s Natural Resource Fund.
Local Workforce and Suppliers
Currently, around 6,200 Guyanese are employed in support of Stabroek block operations, constituting about 70% of the workforce. ExxonMobil and its contractors have spent over $2.9 billion with Guyanese suppliers since 2015.
Future Developments
ExxonMobil is producing approximately 650,000 barrels of oil per day from the Stabroek block. With the recent startup of the ONE GUYANA FPSO, production is expected to exceed 900,000 barrels per day by year-end. Construction is ongoing for the Uaru and Whiptail projects, with production anticipated in 2026 and 2027, respectively.
Stakeholder Interests
ExxonMobil Guyana Limited operates the Stabroek block with a 45% interest. Hess Guyana Exploration Ltd. holds a 30% interest, while CNOOC Petroleum Guyana Limited holds 25%.
