ExxonMobil has reached a final investment decision (FID) on the Hammerhead development offshore Guyana, following government approvals. The $6.8 billion project, the seventh on the prolific Stabroek block, is expected to begin production in 2029.
Hammerhead will deploy a new FPSO capable of producing 150,000 bopd, adding to Guyana’s rapid offshore buildout and bringing total installed capacity on the block to 1.5 million bopd once all projects are online. The development will feature 18 production and injection wells.
Dan Ammann, president of ExxonMobil Upstream Company, said the project underscores the company’s role in building a “thriving new oil-and-gas industry” in partnership with Guyana. ExxonMobil has committed more than $60 billion across seven sanctioned projects on the block, with over $7.8 billion already contributed to Guyana’s Natural Resource Fund since first oil in 2019.
ExxonMobil and its partners — Hess Guyana Exploration (30%) and CNOOC Petroleum Guyana (25%) — are currently producing about 650,000 bopd from the Stabroek block. With the recent startup of the ONE GUYANA FPSO, output is expected to rise above 900,000 bopd by year-end. Two additional sanctioned projects, Uaru (2026) and Whiptail (2027), remain under development.
Hammerhead cements Guyana’s position as one of the fastest-growing offshore oil producers globally, with ExxonMobil projecting sustained investment, local workforce expansion, and increased supplier opportunities as the basin matures.
Pictured above: the One Guyana FPSO. Image: SBM Offshore
