‘7th oil project to be approved very soon’ - Min. Bharrat

‘7th oil project to be approved very soon’ – Min. Bharrat

Sep 15, 2025 News

…but still no word on any additional fiscal benefits to Guyana

‘7th oil project to be approved very soon’ - Min. Bharrat

Minister of Natural Resources, Vickram Bharrat

Kaieteur News – ExxonMobil Guyana Limited (EMGL) could “very soon” receive approval for its seventh oil development in the Stabroek Block – the Hammerhead project, according to Minister of Natural Resources, Vickram Bharrat.

Bharrat, who served in the previous People’s Progressive Party/Civic (PPP/C) cabinet in the same capacity, was sworn in on Saturday night along with 24 other ministers for the 2025 to 2030 term.

During an interview with this publication on the sidelines of a reception at State House, the Minister said the Petroleum Department of the Ministry of Natural Resources has been focused in recent weeks on reviewing EMGL’s Field Development Plan (FDP) for the Hammerhead project.

“The Ministry of Natural Resources, we have been doing that, ensure that we follow every single procedure laid out and due diligence necessary, is also done before any approval,” the natural resources minister said.

Similarly, he noted that the Environmental Protection Agency (EPA) has also been occupied reviewing the Environmental Impact Assessment (EIA) for the project. Bharrat added, “So that has been ongoing for a while now. EPA has been reviewing with the intention of granting the environmental permit, once that due diligence is done, due process is followed.”

Minister Bharrat continued, “So once everything goes well, we could expect an approval very soon and the signing of that licence at some point in time soon, providing that all requirements are met.”

Notably, the Minister’s disclosure comes amid lingering questions about whether Guyana will secure any additional fiscal benefits from the Hammerhead project. On multiple occasions, Vice President Bharrat Jagdeo, the country’s chief policymaker on oil and gas, had been asked by Kaieteur News whether improved fiscal terms would apply to ExxonMobil’s seventh development. In April, Jagdeo had stated that a thorough assessment is being done and once completed, Guyanese would be informed of additional fiscal benefits.

In April 2024, Exxon sanctioned its sixth project named Whiptail. Shortly after, Exxon began its work to seek regulatory approval for the seventh project and earlier this year, the EIA for the Hammerhead project was submitted. The company had made a partial submission of the project’s FDP back in 2024.

Hammerhead was announced as Exxon’s ninth commercial discovery in August 2018. The Hammerhead-1 well was drilled in a new reservoir, encountering approximately 197 feet (60 metres) of high-quality, oil-bearing sandstone reservoir. The well was safely drilled to 13,862 feet (4,225 metres) depth in 3,773 feet (1,150 metres) of water. The project will target between 120-180,000 barrels per day (bpd). Exxon is aiming to commence production activities by 2029, following the requisite approvals.

Notably, the daily production capacity being targeted is significantly lower compared to the last three projects sanctioned, which each target over 200,000 bpd. Hammerhead-1 is located approximately 13 miles (21 kilometres) southwest of the Liza-1 well and follows previous discoveries on the Stabroek Block at Liza, Liza Deep, Payara, Snoek, Turbot, Ranger, Pacora and Longtail.

Stabroek Block measures 26,800 square kilometers or 6.6 million acres. To date, six projects have been sanctioned for development. These include, Liza One, Liza Two, Payara, Yellowtail, Uaru and Whiptail. The first four projects are already in operation, producing an average 650,000 bpd, with an installed capacity of 900,000 bpd. Exxon has already submitted an application for an eighth project, Longtail. The oil company is aiming to bring all eight developments into production by the end of the decade, targeting a combined output of 1.7 million bpd.

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EMGL, ExxonMobil Guyana Limited, Hammerhead project, Stabroek Block, Vickram Bharrat

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