Exxon approves Hammerhead investment in Guyana

Exxon Mobil announced on Monday that they had approved the investment decision of their seventh development project, Hammerhead in Guyana. The project is expected to start oil and gas production by 2029. Exxon Mobil announced on Monday that it had approved the investment decision for its seventh development project in Guyana called Hammerhead, which is expected to begin oil and gas production in 2029.

Exxon announced that the Hammerhead project will utilize a floating storage and offloading vessel capable of producing about 150,000 barrels per day.

Exxon holds a 45% stake in the Stabroek block. Chevron holds 30%, while CNOOC has 25%.

Exxon announced that construction is underway on the joint-venture's fifth project, Uaru, and its sixth project, Whiptail. These projects are expected to start production in 2026 or 2027. Sheila Dang, reporting from Houston; Nathan Crooks, editing by Chizu Nomiyama and Chizu Crooks)

(source: Reuters)