SEE FULL RELEASE FROM THE MINISTRY OF NATURAL RESOURCES 

The Ministry of Natural Resources is pleased to announce the approval of the Hammerhead Field Development Plan (FDP) and the issuance of the Hammerhead Petroleum Production Licence (PPL).

The Hammerhead development is the seventh offshore development within Guyana’s prolific Stabroek Block, which is operated by
ExxonMobil Guyana Limited (EMGL) in conjunction with its co-venturers, Hess Corporation and CNOOC.

The development is located in the south-western portion of the Stabroek Block offshore Guyana and targets the Hammerhead reservoir, which was discovered in 2018.

The Hammerhead PPL features notable improvements when compared to previous licences in several areas. Some of these include its alignment with the Oil Pollution Prevention, Preparedness, Response and Responsibility Act 2025; improved management of production levels and new conditions to cover off-specification fluid discharges and the transfer of associated gas from the Hammerhead development to the GtE pipeline.

These enhancements reflect the government’s ongoing commitment to responsible resource management and sustainable development.

The US$6.8 billion project will be produced through a Very Large Crude Carrier (VLCC) conversion-type Floating Production, Storage, and Offloading (FPSO), which will be built by MODEC, a Japanese FPSO-building and operating company.

Production will be facilitated through 10 production wells and 8 injection wells. A total of 445 million barrels of oil is forecast to be produced with an estimated daily production capacity of 150,000 barrels of oil per day (bopd).

First oil is anticipated by 2029, boosting Guyana’s overall production capacity at approximately 1,500,000 bpd, with the FDP projecting this by Q2. Additionally, the associated gas produced from the Hammerhead Project reservoir will be transferred to the Gas to Energy (GtE) pipeline network.

The Hammerhead project is expected to boost energy security, drive industrial growth and create employment across various sectors as it joins a growing portfolio of developments which continue to position Guyana as a key player in the global energy
landscape.