• Hammerhead project receives government approvals; production expected to begin in 2029
• Seventh Stabroek block development will have the capacity to produce approximately 150,000 barrels of oil per day (bopd), bringing total installed capacity on the block to 1.5 million bopd
• US$6.8 billion of additional investment in Guyana’s growing economy

ExxonMobil has made a final investment decision for the Hammerhead development offshore Guyana, after receiving the required regulatory approvals. Hammerhead, the seventh project on the Stabroek block, is anticipated to come online in 2029.

The development will utilize a floating production storage and offloading (FPSO) vessel with a capacity to produce approximately 150,000 barrels of oil per day.

The US$6.8 billion Hammerhead project will include 18 production and injection wells.

“We continue to set a new standard in Guyana – advancing an impressive seventh project just 10 years after first discovery,” said President of ExxonMobil Upstream Company Dan Ammann. “In collaboration with the people and government of Guyana, we’ve helped build a thriving new oil-and-gas industry in the country that is creating jobs, supplier opportunities, profits and follow-on investments.”

This latest decision increases funds committed for seven approved projects to more than US$60 billion. More than US$7.8 billion has been paid into Guyana’s Natural Resource Fund since production in the Stabroek block started in 2019.

There are currently some 6,200 Guyanese working in support of Stabroek block operations—which is about 70% of the workforce. ExxonMobil Guyana and its contractors have spent more than US$2.9 billion with Guyanese suppliers since 2015.

ExxonMobil is safely producing approximately 650,000 barrels of oil per day from the Stabroek block. With the recent successful startup of a fourth FPSO, the ONE GUYANA, the company anticipates growing production to more than 900,000 barrels of oil per day by the end of the year. Construction is underway for the fifth and sixth approved projects, Uaru and Whiptail, with Uaru anticipated to start production in 2026, and Whiptail is anticipated for startup in 2027.

ExxonMobil affiliate ExxonMobil Guyana Limited is operator and holds 45% interest in the Stabroek block. Hess Guyana Exploration Ltd. holds 30% interest, and CNOOC Petroleum Guyana Limited holds 25% interest.

Stabroek Block

ExxonMobil is the operator of the Stabroek Block offshore Guyana, one of the most significant deepwater oil discoveries in recent decades. Working with its partners Hess (30 percent) and CNOOC (25 percent), ExxonMobil holds about 45 percent and has led the development of multiple large oil fields since the first discovery, Liza-1, in 2015. Since then, numerous additional discoveries such as Payara, Turbot, Snoek, Yellowtail, and Uaru have confirmed reserves estimated at more than 10 to 11 billion barrels of recoverable oil equivalent.

Production began in December 2019 with the Liza Phase 1 development using the Liza Destiny FPSO. Since then, several other FPSOs have come online, including Liza Unity and Prosperity, with additional units such as ONE GUYANA tied to the Yellowtail project. These facilities collectively have raised Guyana’s offshore production capacity to roughly 900,000 barrels of oil per day in 2025. ExxonMobil has outlined plans to nearly double that figure, with a long-term goal of producing up to 1.7 million barrels of oil equivalent per day by 2030.

Several new projects are advancing. The Uaru development is expected to start up in 2026 with a capacity of around 250,000 barrels per day, while the Whiptail project is scheduled for 2027 with a similar scale. Hammerhead, the seventh development approved in 2025, is targeted for start-up in 2029 and is designed to produce about 150,000 barrels per day. Together, these projects represent one of the fastest production ramp-ups in offshore oil history.

In addition to oil, ExxonMobil and the government of Guyana are working on a Gas-to-Energy project that will bring associated gas from offshore production to an onshore facility. This project is designed to lower Guyana’s electricity costs and improve energy reliability. Approximately 50 million standard cubic feet of gas per day are expected to be piped onshore once the project is operational.

The economic and social footprint of these operations is significant. More than 6,000 Guyanese workers are engaged in the sector, making up the majority of the workforce supporting ExxonMobil’s offshore activities. Billions of dollars have been spent with local suppliers, and oil revenues flow into Guyana’s Natural Resource Fund, which has become the cornerstone of the country’s economic transformation.

KeyFacts Energy Guyana country profile: ExxonMobil