THE Guyana Oil and Gas Energy Chamber (GOGEC) has extended its congratulations to ExxonMobil Guyana following the government’s approval and final investment decision for the Hammerhead project, the seventh major offshore development on the Stabroek Block.
The Hammerhead project, representing an additional US$6.8 billion investment, is expected to begin production in 2029, adding approximately 150,000 barrels of oil per day (bopd) to Guyana’s total output. This expansion will bring the installed production capacity across the Stabroek Block’s seven developments to 1.5 million bopd, reinforcing Guyana’s position as a rising global energy player.

“This landmark decision underscores the continued confidence and remarkable pace of development in Guyana’s energy sector,” GOGEC said in a statement.
Since production began in 2019, over US$7.8 billion has been paid into Guyana’s Natural Resource Fund, and more than US$2.9 billion has been spent with local suppliers since 2015. Current production is approximately 650,000 bopd and is expected to exceed 900,000 bopd by the end of the year.
GOGEC lauded ExxonMobil Guyana for setting a “world-class standard” in project execution and local content development. The Hammerhead project is expected to create new jobs, expand local supplier capacity, and generate significant revenue for national development.

“The Hammerhead project is not just another FPSO; it is a testament to a decade of successful partnership and a powerful engine for Guyana’s continued economic growth,” GOGEC said, highlighting the company’s role as a premier member of the chamber.
As Guyana’s energy landscape continues to expand rapidly, developments like Hammerhead are seen as critical drivers of the nation’s economic transformation and long-term prosperity.