ExxonMobil has made a final investment decision for the Hammerhead development offshore Guyana after receiving the required regulatory approvals mid-September.
According to ExxonMobil, the development is the seventh project on the Stabroek block. It is anticipated to come online in 2029.
The project will utilize a floating production storage and offloading (FPSO) vessel and the FPSO will have a capacity to produce approximately 150,000 barrels of oil per day. The USD $6.8 billion project will include 18 production and injection wells.
This latest decision increases funds committed for seven approved projects to more than US$60 billion. More than US$7.8 billion has been paid into Guyana’s Natural Resource Fund since production started in 2019.
ExxonMobil is safely producing approximately 650,000 barrels of oil per day from the Stabroek block. With the recent 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 2025.
Construction is also underway for the fifth and sixth approved projects, Uaru and Whiptail. Uaru is anticipated to start production in 2026 while Whiptail is expected for startup in 2027.
Courtesy of ExxonMobil.