GEORGETOWN, Guyana, CMC – The Guyana authorities Monday stated it had accepted the Hammerhead Discipline Growth Plan (FDP) and the issuance of the Hammerhead Petroleum Manufacturing Licence (PPL).
The Ministry of Pure Sources stated the Hammerhead growth is the seventh offshore growth inside Guyana’s prolific Stabroek Block, which is operated by ExxonMobil Guyana Restricted (EMGL) at the side of its co-venturers, Hess Company and CNOOC.
In accordance with the authorities, the event is positioned within the south-western portion of the Stabroek Block offshore Guyana and targets the Hammerhead reservoir, which was found in 2018.
The Hammerhead PPL options notable enhancements when in comparison with earlier licences in a number of areas. A few of these embrace its alignment with the Oil Air pollution Prevention, Preparedness, Response and Accountability Act 2025; improved administration of manufacturing ranges and new situations to cowl off-specification fluid discharges and the switch of related fuel from the Hammerhead growth to the gas-to-energy (GtE) pipeline.
The ministry stated that these enhancements replicate the federal government’s ongoing dedication to accountable useful resource administration and sustainable growth.
The US$6.8 billion challenge can be produced by means of a Very Massive Crude Service (VLCC) conversion-type Floating Manufacturing, Storage, and Offloading (FPSO), which can be constructed by MODEC, a Japanese FPSO-building and working firm.
Manufacturing can be facilitated by means of 10 manufacturing wells and eight injection wells. A complete of 445 million barrels of oil is forecast to be produced with an estimated day by day manufacturing capability of 150,000 barrels of oil per day (bopd), the Ministry of Pure Sources added.
It’s anticipated that first oil can be produced by 2029, boosting Guyana’s general manufacturing capability to roughly 1,500,000 bpd, with the FDP projecting this by the second quarter.
“Moreover, the related fuel produced from the Hammerhead Challenge reservoir can be transferred to the Fuel to Vitality pipeline community,” the ministry stated, including that the Hammerhead challenge is predicted to spice up vitality safety, drive industrial progress and create employment throughout varied sectors because it joins a rising portfolio of developments which proceed to place Guyana as a key participant within the international vitality panorama.
In the meantime, ExxonMobil introduced on Monday that it has made a ultimate funding choice for the Hammerhead growth offshore Guyana, following receipt of the required regulatory approvals.
“We proceed to set a brand new normal in Guyana, advancing a formidable seventh challenge simply 10 years after first discovery, stated President of ExxonMobil Upstream Firm, Dan Ammann.
“In collaboration with the folks and authorities of Guyana, we’ve helped construct a thriving new oil-and-gas trade within the nation that’s creating jobs, provider alternatives, income, and follow-on investments.”
ExxonMobil said that this newest choice will increase the funds dedicated for seven accepted initiatives to greater than US$60 billion and that over US$7.8 billion has been paid into Guyana’s Pure Useful resource Fund since manufacturing within the Stabroek block commenced in 2019.
It said that there are presently an estimated 6,200 Guyanese working in help of Stabroek block operations, which accounts for about 70 % of the workforce. ExxonMobil Guyana and its contractors have spent greater than US$2.9 billion with Guyanese suppliers since 2015.
ExxonMobil is safely producing roughly 650,000 barrels of oil per day from the Stabroek block. With the latest profitable startup of a fourth FPSO, the ONE GUYANA, the corporate anticipates rising manufacturing to greater than 900,000 barrels of oil per day by the tip of the 12 months.
“Building is underway for the fifth and sixth accepted initiatives, Uaru and Whiptail, with Uaru anticipated to start out manufacturing in 2026, and Whiptail is anticipated to start out up in 2027.”
