ExxonMobil Guyana expands capacity with seventh offshore development

ExxonMobil has given the green light for the Hammerhead development offshore Guyana, following the receipt of all necessary regulatory approvals. Hammerhead, the seventh project on the Stabroek block, is expected to begin production in 2029.

The project will employ a floating production, storage, and offloading (FPSO) vessel capable of producing around 150,000 barrels of oil per day.

Valued at US$6.8 billion, Hammerhead will feature 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 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.”

With this decision, ExxonMobil’s total investment in the seven approved projects surpasses US$60 billion. Since production began in the Stabroek block in 2019, over US$7.8 billion has been contributed to Guyana’s Natural Resource Fund.

Approximately 6,200 Guyanese—around 70% of the workforce—are currently supporting Stabroek block operations. Since 2015, ExxonMobil Guyana and its contractors have spent more than US$2.9 billion with local suppliers.

ExxonMobil is currently producing roughly 650,000 barrels of oil per day from the Stabroek block. With the recent commissioning of the fourth FPSO, ONE GUYANA, the company expects production to exceed 900,000 barrels per day by year-end. Construction is underway for the fifth and sixth projects, Uaru and Whiptail, with Uaru slated for 2026 production and Whiptail for 2027.

ExxonMobil Guyana Limited operates the Stabroek block and holds a 45% stake, while Hess Guyana Exploration Ltd. holds 30%, and CNOOC Petroleum Guyana Limited holds 25%.