Exxon's Hammerhead Project to Boost Guyana's Energy Future

Exxon Mobil leads a consortium planning to extract 180,000 barrels of oil and 95 million cubic feet of gas daily at the Hammerhead project in Guyana. The venture will involve substantial offshore and onshore infrastructure and aims to support Guyana's energy and petrochemical growth.

Exxon Mobil, along with partners U.S. Hess and China CNOOC, is set to launch the Hammerhead project off Guyana's coast, projecting a daily output of 180,000 barrels of oil and 95 million cubic feet of gas. The endeavor, awaiting governmental approval, marks Exxon's seventh initiative in the region.

The project will require the drilling of 14 to 30 wells and the deployment of a Floating Production, Storage, and Offloading vessel. Additionally, it includes the construction of a 13 km gas pipeline linking to Guyana's Gas-to-Energy project. Onshore infrastructure will be supported by third-party facilities.

Guyana's government is pressing for increased natural gas production from Exxon to fuel domestic power generation and industrialization. This aligns with the country's broader ambitions to expand its petrochemical and LNG sectors, with more gas set to come from Exxon's Liza project later this year.

(With inputs from agencies.)