ExxonMobil has announced a final investment decision for the Hammerhead offshore development in Guyana, marking the company’s seventh project on the Stabroek block. The project received necessary regulatory approvals and is scheduled to begin production in 2029.
Hammerhead will use a floating production storage and offloading vessel designed to produce around 150,000 barrels of oil per day. The total investment for the project is $6.8 billion and includes plans for 18 production and injection wells.
Dan Ammann, President of ExxonMobil Upstream Company, stated, “We continue to set a new standard in Guyana – advancing an impressive seventh project just 10 years after first discovery. 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, total committed funds for all seven approved projects now exceed $60 billion. Since oil production began on the Stabroek block in 2019, more than $7.8 billion has been deposited into Guyana’s Natural Resource Fund.
Currently, about 6,200 Guyanese workers are supporting operations on the Stabroek block, representing roughly 70% of the workforce. Since 2015, ExxonMobil Guyana and its contractors have spent over $2.9 billion with local suppliers.
ExxonMobil reports current production of approximately 650,000 barrels of oil per day from the Stabroek block. Following the recent startup of its fourth FPSO vessel—ONE GUYANA—the company expects to increase output to more than 900,000 barrels per day by year-end. Construction continues on two additional projects: Uaru is expected to start producing in 2026 and Whiptail in 2027.
The Stabroek block is operated by ExxonMobil Guyana Limited with a 45% stake; Hess Guyana Exploration Ltd. holds a 30% interest; CNOOC Petroleum Guyana Limited owns the remaining 25%.
ExxonMobil remains one of the world’s largest publicly traded energy companies and continues to focus on emissions reductions across its operations.
