The US energy major ExxonMobil has reached a final investment decision (FID) for the Hammerhead development offshore Guyana, following receipt of the necessary regulatory approvals. Hammerhead, the seventh development on the Stabroek Block, is expected to start production in 2029. The project will utilize a floating production, storage, and offloading (FPSO) vessel with a production capacity of approximately 150 kb/d. Valued at USD6.8bn, the development will include 18 production and injection wells. Associated gas from Hammerhead will be routed through a pipeline network to support Guyana’s gas-to-energy project, aimed at harnessing untapped natural gas for domestic electricity generation.
ExxonMobil is currently producing around 650 kb/d from the Stabroek Block. Following the recent successful start-up of its fourth FPSO, ONE GUYANA, the company expects to increase output to over 900 kb/d by the end of 2025. Construction is underway for the 5th and 6th approved projects, Uaru and Whiptail, which are expected to start production in 2026 and 2027, respectively.
ExxonMobil operates the Stabroek Block with a 45% stake, while Hess holds a 30% interest and CNOOC holds the remaining 25%.