ExxonMobil Guyana has confirmed that its operations in the Stabroek block will reach a combined production capacity of 1.5 million barrels of oil per day by 2029, marking a ten-year leap from first oil to one of the fastest production ramps in industry history.
Alistair Routledge, President of ExxonMobil Guyana, said this milestone will be realized when the Hammerhead project, the company’s seventh offshore development, comes online.
“It’s incredible to think that we were only getting ready to pump Guyana’s first barrel of oil just six short years ago. Going from zero to 1.5 million barrels of capacity in a decade is industry-leading and a testament to the hard work of our dedicated ‘team of teams’ who are the driving force behind our unprecedented success here,” Routledge stated in a LinkedIn post on Tuesday.
ExxonMobil’s Guyana oil ventures: A roadmap to 1.7 million b/d | OilNOW
The Final Investment Decision (FID) for Hammerhead was made earlier this week, following final government and regulatory approvals. Contracts are now being released to companies that will help execute the project.
Hammerhead followed an “extensive and rigorous” review process involving the Environmental Protection Agency, the Ministry of Natural Resources, the Guyana Geology and Mines Commission, and consultant Bayphase, with ERM conducting the Environmental & Social Impact Assessment.
Routledge credited “the Government’s proactive engagement and timely approvals” for ensuring projects are delivered at the lowest cost and highest value to the country. ExxonMobil’s cumulative investment commitment in Guyana has now exceeded US$60 billion.
