Exxon Mobil approves funding for its seventh development project in Guyana, Hammerhead, aiming to produce 1.7 million barrels of oil equivalent per day by 2030. The Stabroek Block off Guyana’s coast has boosted the country’s economy, with first oil expected in Q2 2029 from the $6.8 billion project.

The Hammerhead project will utilize a floating production storage and offloading vessel capable of producing 150,000 barrels of oil per day. Associated gas will be used for a gas-to-energy project in Guyana, aiming to provide electricity. Exxon, Chevron, and CNOOC are partners in the Stabroek Block, with projects Uaru and Whiptail underway for production in 2026 and 2027.

Read more at Yahoo Finance: Exxon greenlights $6.8 billion investment for Hammerhead project in Guyana