ExxonMobil Revealed Plans for New Oil Project in Guyana

SEATTLE (Oil Monster): ExxonMobil Corporation announced plans for its ambitious oil project in Guyana. This will be the company’s seventh oil project in the country. The plans to develop the Hammerhead project is part of ExxonMobil’s ongoing plan to expand its oil production in the South American country.

The project still awaits final approval from the government. If approved, the project is expected to commence production by as early as 2029, consequently boosting the country’s oil production capacity significantly. Furthermore, it will significantly boost Guyana’s presence in the global oil market.

ExxonMobil foresees a daily production capacity between 120,000 and 180,000 barrels of crude oil from the Hammerhead field. However, this is substantially lower than the 250,000 barrels per day capacity of Exxon's largest vessels, which are currently in operation in Guyana.

The proposed VLCC floating production unit for the Hammerhead project will offer an on-site storage capacity of approximately 1.4 to 2 million barrels of oil. The production facility is likely to be situated around 9 miles southwest of its platform, Liza Destiny.

The series of continuous investments by ExxonMobil and its partners since 2015 has resulted in more than 30 discoveries in Guyana’s waters.

YOU MAY ALSO BE INTERESTED IN:

ExxonMobil and Air Liquide Agree to Support Production of Low-Carbon Hydrogen

ExxonMobil Signed 10-Year LNG Contract with BOTAS