ExxonMobil has sanctioned the Hammerhead development, its seventh offshore project in Guyana’s Stabroek block, after securing regulatory approval. The $6.8 billion investment includes 18 wells and an FPSO with 150,000 barrels per day (bpd) capacity, targeting startup in 2029.

This expansion will lift installed capacity in the block to 1.5 million bpd. ExxonMobil, together with Hess (30%) and CNOOC (25%), has now committed over $60 billion to Guyana, contributing more than $7.8 billion to its Natural Resource Fund since 2019.

Current output stands at 650,000 bpd, expected to exceed 900,000 bpd by year-end as additional FPSOs come online. Approximately 70% of the 6,200-strong workforce in support of Stabroek operations is Guyanese, with over $2.9 billion spent on local suppliers since 2015.

Dan Ammann, President of ExxonMobil Upstream, said the project marks “a thriving new oil-and-gas industry in Guyana” built through close collaboration with the government and people.