ExxonMobil confirms US$6.8B investment in Hammerhead Project after Gov’t approval

ExxonMobil has confirmed its final investment decision (FID) for the US$6.8 billion Hammerhead development, the seventh offshore project in Guyana’s Stabroek Block, following government approval of the Field Development Plan and the issuance of a Petroleum Production Licence earlier this week.

Hammerhead, discovered in 2018, is expected to begin production in 2029 and will add 150,000 barrels of oil per day (bopd) to Guyana’s output, pushing the country’s total installed production capacity on the Stabroek Block to 1.5 million bopd.

In its announcement, ExxonMobil said the Hammerhead project will be developed using a floating production storage and offloading (FPSO) vessel converted from a Very Large Crude Carrier (VLCC), with production supported by 10 production wells and 8 injection wells.

“This decision reflects our confidence in Guyana’s offshore resources and regulatory framework, and our continued partnership with the government and people of Guyana,” the company stated, underscoring the long-term nature of its investments in the country.

The development represents US$6.8 billion in fresh capital investment, strengthening Guyana’s position as the world’s fastest-growing oil producer. The project will also integrate with the Gas-to-Energy pipeline, transferring associated gas to support the government’s energy diversification plans.

The final investment decision comes as ExxonMobil’s local content performance continues to draw praise. In the first half of 2025 alone, the company spent a record G$87 billion with 1,800 Guyanese vendors, bringing its total local spend since 2015 to more than G$600 billion. The company also reports that 70% of its workforce in Guyana is now made up of locals, supported by more than 370,000 hours of training.

Hammerhead joins six other sanctioned developments offshore Guyana, further consolidating the Stabroek Block’s role as the backbone of the country’s oil sector. Together, these projects signal a deepening of ExxonMobil’s footprint and a strengthening of Guyana’s global energy position.