ExxonMobil has taken the final investment decision (FID) on the Hammerhead project, the seventh development on Guyana's Stabroek block, following regulatory clearances. 

The Stabroek block is operated by ExxonMobil Guyana, which holds a 45% interest. Hess Guyana Exploration and CNOOC Petroleum Guyana have 30% and 25% stakes in the block, respectively. 

The $6.8bn Hammerhead project is expected to commence operations in 2029. 

The project will use a floating production storage and offloading (FPSO) vessel with the capacity to produce around 150,000 barrels of oil per day (bopd). 

The Hammerhead project will feature 18 production and injection wells. 

ExxonMobil is investing $6.8bn in developing the Hammerhead project. 

The project will use an FPSO vessel and incorporate 18 production and injection wells. 

ExxonMobil Upstream president Dan Ammann said: “We continue to set a new standard in Guyana – advancing an impressive seventh project just ten years after first discovery. 

“In collaboration with the people and Government of Guyana, we have helped build a thriving new oil and gas industry in the country that is creating jobs, supplier opportunities, profits and follow-on investments.” 

With the latest FID, the total funds allocated for seven approved projects by the company amount to more than $60bn.  

Since the commencement of production in the Stabroek block in 2019, more than $7.8bn (G$1.63trn) has been deposited into Guyana’s Natural Resource Fund. 

Currently, approximately 6,200 Guyanese are employed in support of operations in the Stabroek block, representing around 70% of the workforce. Since 2015, ExxonMobil Guyana and its contractors have invested more than $2.9bn in local suppliers. 

ExxonMobil is currently producing around 650,000bopd from the Stabroek block.  

Following the launch of its fourth FPSO unit, ONE GUYANA, the company expects to increase production to more than 900,000bopd by the end of the year.  

Additionally, construction is in progress for the fifth and sixth approved projects, Uaru and Whiptail, with Uaru projected to commence production in 2026 and Whiptail in 2027.

Last year, ExxonMobil announced plans to boost its oil and gas output by 18% by 2030, focusing on expansions in both the US and Guyana.