SEATTLE (Oil Monster): The seventh offshore oil and gas project in Guyana, the Hammerhead development project, has a final investment decision (FID) declared by ExxonMobil. This comes after obtaining the required regulatory permissions. Production on the project is anticipated to start in 2029.
ExxonMobil's long-term commitment to Guyana's growing oil and gas industry is demonstrated by this action. In keeping with the nation's goals to establish itself as a major oil producer on a worldwide scale, it signals the start of a new period of production and investment expansion. The Hammerhead development is evidence of the nation's oil and gas industry's continued prosperity and quick expansion.
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It is projected that the Hammerhead project will increase the total capacity of the productive Stabroek block by about 150,000 barrels of oil per day. There will be eighteen production and injection wells in all. The estimated total investment is $6.8 billion. A new floating production storage and offloading (FPSO) vessel will be used in the development.
According to ExxonMobil Upstream corporation President Dan Ammaann, the corporation has advanced its seventh project within ten years of its initial discovery, setting a new benchmark in Guyana. He stated that hundreds of employment had been created by the prosperous Guyanese oil and gas sector.
The Stabroek block will have a total installed capacity of 1.5 million bpd after all seven projects are completed.
