Government Grants Approval for ExxonMobil’s $6.88B Hammerhead 7 Project
By Antonio Dey | HGP Nightly News.
The Hammerhead 7 project in the Stabroek Block has received official regulatory approval from the Government of Guyana and is expected to come online in 2029, ExxonMobil Guyana confirmed on Monday.
The project will utilize a floating production, storage, and offloading (FPSO) vessel with the capacity to produce 150,000 barrels of oil per day. It will feature eight production and injection wells and is valued at US $6.88 billion.
Dan Ammann, President of ExxonMobil Upstream Company, hailed the approval as a milestone:
“We continue to set a new standard in Guyana, advancing an impressive seventh project just 10 years after first discovery. Together with the people and government of Guyana, we are building a thriving new oil and gas industry that is creating jobs, opportunities, profits, and follow-on investments.”
ExxonMobil noted that with Hammerhead 7, seven projects in the Stabroek Block have now been approved, representing over US $60 billion in commitments. Since production began in 2019, Guyana’s Natural Resource Fund has received US$7.8 billion in revenues.
Currently, about 6,200 Guyanese—70% of the workforce—are directly supporting Stabroek Block operations. ExxonMobil and its contractors have spent US$2.9 billion with Guyanese suppliers since 2015.
ExxonMobil Guyana Limited is the operator of the Stabroek Block with a 45% stake, while Hess Guyana Exploration Limited holds 30% and CNOOC Petroleum Guyana Limited the remaining 25%.
