ExxonMobil has taken final investment decision (FID) on the Hammerhead oil development in the Stabroek block offshore Guyana, following regulatory approvals. This marks the company’s seventh sanctioned project in the country and lifts total committed investment in Guyana to more than $60 billion since first oil in 2019.
Hammerhead project
The $6.8 billion development will deploy a floating production, storage and offloading (FPSO) vessel with capacity of around 150,000 barrels per day. The scope covers 18 production and injection wells, with startup expected in 2029. Hammerhead follows earlier projects Liza, Payara, Yellowtail, Uaru, Whiptail and One Guyana, cementing the Stabroek block as one of the fastest-developing deepwater oil provinces globally.
Supply chain
According to EPCIntel.com’s database, ExxonMobil has awarded the FPSO contract to MODEC, continuing its long-standing relationship with the Japanese floater specialist. MODEC’s scope covers hull conversion, topsides integration and delivery of the FPSO. Key subcontractors include Toyo Engineering, tasked with topside process modules, and Siemens Energy, providing power generation and compression systems. This combination reflects ExxonMobil’s strategy of leveraging experienced suppliers to ensure continuity across its Guyana fleet of production vessels. In parallel, Saipem has secured the SURF (subsea umbilicals, risers and flowlines) contract, extending its footprint across Guyana’s offshore development portfolio. This division of work ensures a balance of specialist expertise across the floating and subsea scopes.
Operator and partners
ExxonMobil Guyana Limited operates Stabroek with a 45% stake, alongside Hess (30%) and CNOOC (25%). The partners have progressively sanctioned projects on a near-annual basis, maintaining one of the most aggressive deepwater development schedules in the industry.
Economic impact
Since 2019, oil revenues have contributed more than $7.8 billion to Guyana’s Natural Resource Fund. ExxonMobil and its contractors have also spent $2.9 billion with local suppliers and today employ about 6,200 Guyanese workers, accounting for 70% of the project workforce.
Production growth
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 set to rise to more than 900,000 barrels per day by year-end. Construction of the fifth and sixth developments, Uaru and Whiptail, is underway, with start-up expected in 2026 and 2027 respectively.
Hammerhead, due online in 2029, extends the development pipeline into the next decade and underscores ExxonMobil’s confidence in Guyana’s long-term role as a top global offshore producer.
