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ExxonMobil has reached a closing funding choice (FID) on the Hammerhead improvement offshore Guyana, following authorities approvals. The $6.8 billion venture, the seventh on the prolific Stabroek block, is anticipated to start manufacturing in 2029.
Hammerhead will deploy a brand new FPSO able to producing 150,000 bopd, including to Guyana’s speedy offshore buildout and bringing whole put in capability on the block to 1.5 million bopd as soon as all initiatives are on-line. The event will characteristic 18 manufacturing and injection wells.
Dan Ammann, president of ExxonMobil Upstream Firm, mentioned the venture underscores the corporate’s function in constructing a “thriving new oil-and-gas trade” in partnership with Guyana. ExxonMobil has dedicated greater than $60 billion throughout seven sanctioned initiatives on the block, with over $7.8 billion already contributed to Guyana’s Pure Useful resource Fund since first oil in 2019.
ExxonMobil and its companions — Hess Guyana Exploration (30%) and CNOOC Petroleum Guyana (25%) — are at the moment producing about 650,000 bopd from the Stabroek block. With the current startup of the ONE GUYANA FPSO, output is anticipated to rise above 900,000 bopd by year-end. Two extra sanctioned initiatives, Uaru (2026) and Whiptail (2027), stay beneath improvement.
Hammerhead cements Guyana’s place as one of many fastest-growing offshore oil producers globally, with ExxonMobil projecting sustained funding, native workforce growth, and elevated provider alternatives because the basin matures.
Pictured above: the One Guyana FPSO. Picture: SBM Offshore
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