US supermajor ExxonMobil has made a final investment decision for the seventh project in Guyana’s prolific Stabroek block, after receiving the required regulatory approvals.
Hammerhead, the seventh project in the block, will utilise an FPSO with a capacity to produce approximately 150,000 barrels of oil per day. It is anticipated to come online in 2029. The $6.8bn project will include 18 production and injection wells.
“We continue to set a new standard in Guyana, advancing an impressive seventh project just ten years after first discovery,” said Dan Ammann, president of ExxonMobil Upstream Company.
This latest decision increases funds committed for Exxon’s seven approved projects to more than $60bn. More than $7.8bn has been paid to Guyana’s Natural Resource Fund since production in the Stabroek block started in 2019.
There are currently some 6,200 Guyanese working in support of Stabroek block operations, which is about 70% of the workforce. ExxonMobil has also spent more than $2.9bn with Guyanese suppliers since 2015.
ExxonMobil is currently producing approximately 650,000 barrels of oil per day from the block. With the recent successful startup of a fourth FPSO, named One Guyana, the company anticipates growing production to more than 900,000 barrels of oil per day by the end of 2025.
Construction is underway for the fifth and sixth approved projects, Uaru and Whiptail, with the two anticipated to start production in 2026 and 2027, respectively.
