GOGEC congratulates ExxonMobil on US$6.8B Hammerhead project approval

The Guyana Oil and Gas Energy Chamber (GOGEC) has congratulated ExxonMobil Guyana on receiving Government approval and reaching the final investment decision (FID) for the Hammerhead project, the company’s seventh major offshore development on the Stabroek Block.
The project represents an additional US$6.8 billion investment in Guyana’s oil and gas sector. Production is expected to begin in 2029 and will add approximately 150,000 barrels of oil per day (bpd). Once operational, the Hammerhead development will bring the total installed capacity across the seven sanctioned projects on the Stabroek Block to about 1.5 million bpd.
According to GOGEC, total committed investment in the Stabroek Block now exceeds US$60 billion. Since oil production began in 2019, more than US$7.8 billion has been deposited into Guyana’s Natural Resource Fund. In addition, ExxonMobil Guyana and its partners have spent over US$2.9 billion with local suppliers since 2015.
Current production stands at about 650,000 bpd and is projected to surpass 900,000 bpd by the end of this year. The chamber noted that these developments are significantly shaping Guyana’s economy through revenue generation, job creation, and supplier engagement.
GOGEC said ExxonMobil Guyana continues to set benchmarks in project execution and local content development, highlighting the Hammerhead project as another step in expanding opportunities for Guyanese workers and businesses.