Exxon approves investment for Hammerhead project offshore Guyana

Exxon Mobil (NYSE:XOM) said Monday it made a final investment decision for the Hammerhead development offshore Guyana, the company's seventh project in the prolific Stabroek block.

The $6.8 billion Hammerhead project, which will include 18 production and injection wells, is expected to begin oil and gas production in 2029.

The Hammerhead development will utilize a floating production storage and offloading vessel with a capacity to produce ~150,000 bbl/day of oil.

Exxon (NYSE:XOM) operates the Stabroek block and owns a 45% stake, while consortium partners Chevron (CVX) and CNOOC (OTCPK:CEOHF) hold 30% and 25%, respectively, with the venture's fifth and sixth projects - Uaru and Whiptail - expected to begin production in 2026 and 2027.

Exxon (XOM) currently produces 650,000 bbl/day of oil from Stabroek block, and the consortium anticipates raising production to more than 900,000 bbl/day of oil by year-end 2025 with the recent successful startup of a fourth FPSO, the One Guyana.