Exxon Mobil said on Monday that it greenlit the investment decision for its seventh development project in Guyana called Hammerhead, which is expected to begin oil and gas production in 2029. The announcement brings an Exxon-led oil joint venture another step closer to its goal of producing 1.7 million barrels of oil equivalent per day by 2030 from the Stabroek Block off the coast of Guyana, one of the most significant oil discoveries in years that has propelled the South American country to become the fastest growing economy in the world.
The Hammerhead development will use a floating production storage and offloading vessel with the capacity to produce about 150,000 barrels of oil per day, Exxon said.
Exxon operates the Stabroek Block with a 45% interest. Its partners Chevron and CNOOC hold 30% and 25%, respectively.
Construction is in progress on the joint venture’s fifth and sixth projects called Uaru and Whiptail, which are expected to begin production in 2026 and 2027, Exxon said.
(Reporting by Sheila Dang in Houston; Editing by Nathan Crooks and Chizu Nomiyama )