ExxonMobil Finalizes Investment on Guyana’s 7th Oil Block

SECAUCUS, NJ (DTN) – ExxonMobil announced Monday (9/22) that it has made a final investment on the near $7 billion Hammerhead development offshore Guyana, after receiving the required regulatory approvals.

The seventh project on the Stabroek block, Hammerhead is anticipated to come online in 2029.

The development will utilize a floating production storage and offloading vessel with a capacity to produce approximately 150,000 bpd. The US$6.8 billion Hammerhead project will include 18 production and injection wells.

More than US$7.8 billion has also been paid into Guyana’s Natural Resource Fund since production in the Stabroek block started in 2019, ExxonMobil said.

ExxonMobil is currently producing nearly 650,000 bopd 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 bpd by the end of the year. Construction is underway for the fifth and sixth approved projects, Uaru and Whiptail, with Uaru anticipated to start production in 2026, and Whiptail is anticipated for startup in 2027. ExxonMobil affiliate ExxonMobil Guyana is operator and holds 45% interest in the Stabroek block. Hess Guyana Exploration d. holds 30% interest, and CNOOC Petroleum Guyanad holds 25% interest.