ExxonMobil, which heads up the consortium developing the massive Stabroek oil and gas resource play offshore Guyana, announced on Monday that it has reached final investment decision (FID) on its Hammerhead project after receiving the required regulatory approvals. Hammerhead is the seventh major project undertaken by the consortium at Stabroek and is expected to achieve first production sometime in 2029.
“We continue to set a new standard in Guyana – advancing an impressive seventh project just 10 years after first discovery,” President of ExxonMobil Upstream Company Dan Ammann said in a statement. “In collaboration with the people and government of Guyana, we’ve helped build a thriving new oil-and-gas industry in the country that is creating jobs, supplier opportunities, profits and follow on investments.”
ExxonMobil serves as operator for the consortium, in which it owns a 45% working interest share. The other partners include the China National Offshore Oil Corporation (CNOOC), which owns 25%, and Chevron, which owns the remaining 30%. Chevron formally became a consortium partner earlier this year with the completion of its $53 billion acquisition of Houston-based independent Hess Corp.
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