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Exxon Approves $6.8 Billion Hammerhead Project in Guyana With 2029 Start

The seventh Stabroek development is the first approved with Chevron as a 30% partner following its purchase of Hess.

Aerial view of tthe Guyana Shore Base in Georgetown, Guyana.
ExxonMobil logo is seen in this illustration taken, October 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
Image
FPSO; Source: MODEC

Overview

  • The development will use a MODEC-supplied FPSO designed to produce about 150,000 barrels per day and will include 18 production and injection wells.
  • First oil is targeted for the second quarter of 2029, according to Guyana’s Ministry of Natural Resources.
  • ExxonMobil operates Stabroek with a 45% interest, alongside Chevron’s Hess unit at 30% and CNOOC at 25%.
  • Associated gas from Hammerhead will be routed to a pipeline for Guyana’s gas-to-energy project to support domestic electricity.
  • Total committed capital across seven approved Stabroek projects now exceeds $60 billion, with output progressing toward roughly 900,000 barrels per day this year and a stated goal of 1.7 million boe/d by 2030.