Impulse Response Enterprises Ltd

ExxonMobil's $6 8 Billion Hammerhead Project 

ExxonMobil has made a Final Investment Decision (FID) to proceed with the Hammerhead project, the seventh sanctioned development in the prolific Stabroek Block offshore Guyana. The project, now officially licensed by Guyana’s Ministry of Natural Resources, is targeting first oil in 2029.

The Hammerhead development is designed to produce approximately 150,000 barrels of oil per day and will be developed using a converted VLCC (Very Large Crude Carrier) FPSO (Floating Production, Storage, and Offloading unit). The development plan includes 18 production and injection wells and has built-in capacity for future debottlenecking to increase output.

Japan’s MODEC has been contracted to build the Hammerhead FPSO, building on its role for the upcoming Uaru development. ExxonMobil announced the project will cost US$6.8 billion to develop. This investment brings the total committed capital for the seven approved projects in the Stabroek Block to over US$60 billion.

The Hammerhead project is strategically important for Guyana’s energy infrastructure. It is expected to supply associated gas to the country's landmark Gas-to-Energy project, which aims to provide domestic electricity. ExxonMobil estimates that its projects will boost Guyana's oil production to 1.7 million barrels per day by 2030, with total hydrocarbon output nearing 2 million barrels of oil equivalent per day.

ExxonMobil highlighted its significant local impact, noting that approximately 70% of the Stabroek Block workforce (around 6,200 people) are Guyanese. Since 2015, the company and its contractors have spent more than US$2.9 billion with Guyanese suppliers. 

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