ExxonMobil has taken another decisive step in reshaping Guyana’s energy future with the sanctioning of its seventh oil and gas development, Hammerhead. The multibillion-dollar project signals not only the continued expansion of the Stabroek block but also the company’s commitment to sustaining world-class operations in one of the globe’s fastest-growing petroleum basins.
“We continue to set a new standard in Guyana – advancing an impressive seventh project just 10 years after first discovery,” declared Dan Ammann, President of ExxonMobil Upstream Company, as he announced the US$6.8 billion investment.
The Hammerhead development will feature 18 production and injection wells and is expected to come online in 2029. It will utilise a floating production storage and offloading (FPSO) vessel with the capacity to produce approximately 150,000 barrels of oil per day.
With Hammerhead sanctioned, ExxonMobil’s total committed investments for the seven approved projects now exceed US$60 billion. This record-setting figure underscores the pace and scale of development in Guyana, where oil production only began in late 2019. Since then, the country has already earned more than US$7.8 billion in deposits to its Natural Resource Fund.
What this increase entails
The surge in investment is fueling unprecedented growth across Guyana’s economy. ExxonMobil is currently producing about 650,000 barrels per day from the Stabroek block, supported by four FPSOs—including the recently commissioned ONE GUYANA. Output is projected to exceed 900,000 barrels per day by year-end, cementing Guyana’s role as a major global oil supplier.
Construction is also advancing on the Uaru and Whiptail projects, expected to start up in 2026 and 2027 respectively. Hammerhead will extend that growth trajectory into the next decade, ensuring that production capacity continues to climb well beyond one million barrels per day.
These projects are delivering direct benefits for Guyanese. More than 6,200 nationals—around 70% of the workforce—are employed in Stabroek block operations. In addition, ExxonMobil and its contractors have spent over US$2.9 billion with local suppliers since 2015, strengthening local businesses and broadening economic participation.
Partnership on the block
The Stabroek block is operated by ExxonMobil Guyana Limited with a 45% stake, alongside Hess Guyana Exploration Ltd. (30%) and CNOOC Petroleum Guyana Limited (25%). Together, the partners are driving a wave of projects that are transforming Guyana’s economy while setting new benchmarks for offshore oil development worldwide.
