ExxonMobil's (XOM) Hammerhead Project Fuels Guyanese Production [Yahoo! Finance]
Exxon Mobil Corporation (XOM)
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Source: Yahoo! Finance
Discovered in 2018, the Hammerhead field is part of the prolific Stabroek Block off the coast of Guyana. The field is known to have approximately 60 meters of high-quality sandstone reservoirs containing oil. ExxonMobil has filed an application with the government of Guyana for an environmental permit to proceed with a new investment that's aimed at boosting the country's oil production. The company plans to bring the Hammerhead discovery online by 2029, pending government approval. If XOM receives the approval by mid-2025, the Hammerhead project will help maintain its track record of bringing a new project online in Guyanese waters every 18 months. The Hammerhead oil field will use a floating production, storage, and offloading (FPSO) vessel that has a production capacity of 180,000 barrels of oil per day for the extraction. The production capacity of the FPSO is slightly lower than those contracted for the Yellowtail, Uaru and Whiptail fields by ExxonMobil. However, the energy m
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