ExxonMobil’s Hammerhead development offshore Guyana was among only three major discoveries made after 2014 to reach final investment decisions (FID) in 2025, according to an analysis from Westwood Global Energy Group.
Westwood’s High Impact Resource Progression insight published on July 14 found that 11 major offshore discoveries across eight developments reached FID during 2025, advancing an estimated 2.3 billion barrels of oil and 9.5 trillion cubic feet of gas resources.
“Of the 11 discoveries that are to be developed, eight were made before 2014 and have taken more than 10 years to see FID. Two of those more recent discoveries made since 2014 that have progressed are gas discoveries in the Turkish Black Sea, and one is an oil discovery, offshore Guyana,” Westwood Energy disclosed.
A map of the 2025 high-impact FIDs identified Hammerhead as the discovery offshore Guyana.
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Westwood Energy said the projects are expected to add about 800,000 barrels of oil equivalent per day in new production capacity. The analysis also noted that operators are increasingly advancing older discoveries rather than relying only on new exploration.
“Over the last two to three years many companies have recognized the need to add reserves to their inventories and operators are looking at a range of options to do this. Increased exploration drilling is one way, but increasingly companies are beginning to progress older, often challenging, discoveries with revised development plans in the light of new technology, new partnerships or revised fiscal terms,” the group said.
Located in the Stabroek Block, Hammerhead was discovered by ExxonMobil in 2018 and represents the company’s seventh sanctioned development in Guyana’s prolific offshore basin. The project is expected to use a floating production, storage and offloading (FPSO) vessel built by MODEC, with first oil targeted for 2029.
The US$6.8 billion project is expected to add about 150,000 barrels of oil per day (b/d) to ExxonMobil Guyana’s production capacity and will include 10 production wells and eight injection wells. The associated gas will support Guyana’s Gas-to-Energy project.
Hammerhead follows a rapid sequence of ExxonMobil development approvals in Guyana. The company reached FID on Liza 1 in 2017 and Liza 2 in 2019, before sanctioning Payara in 2020, Yellowtail in April 2022, Uaru in April 2023, and Whiptail in April 2024.
Together, these developments have transformed the Stabroek Block from an exploration success story into one of the world’s fastest-growing offshore production hubs.
ExxonMobil operates the Block with a 45% interest, alongside Hess (owned by Chevron) with 30% and CNOOC with 25%.
