Exxon Mobil Corp. has proposed a plan to drill up to 30 wells as part of its seventh oil project in Guyana, named Hammerhead. The project, which is pending government approval, is expected to start production in 2029 and would lift the country’s oil production capacity to more than 1.4 million barrels per day.
According to the development plan disclosed by the Guyanese government, Exxon anticipates a daily production capacity between 120,000-180,000 barrels of crude from Hammerhead, which is less than the 250,000 barrels per day from its largest vessels in the country.
The proposed floating production unit for the Hammerhead project is expected to be a Very Large Crude Carrier (VLCC) conversion facility and will be located 15 km (9 miles) southwest of Exxon’s first platform, Liza Destiny.
Exxon operates all oil production in Guyana, with Hess Corp. and China’s CNOOC as partners. The Hammerhead project is Exxon’s seventh in the country, and it is pending government approval before it can move forward.
The development of Guyana’s offshore oil resources has been a major focus for Exxon, as the country has emerged as a significant new oil-producing region. The Hammerhead project is expected to further boost Guyana’s rapidly growing oil production capacity in the coming years.