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flag ExxonMobil approved a $6.8 billion oil project in Guyana, set to start production in 2029.

flag ExxonMobil has approved the $6.8 billion Hammerhead offshore oil project in Guyana’s Stabroek Block, with production set to begin in 2029 using a floating production vessel capable of producing 150,000 barrels of oil per day. flag The seventh major development in the block, it includes 18 wells and is part of a larger effort to boost Guyana’s output to over 1.5 million barrels per day. flag Total investments in the Stabroek Block now exceed $60 billion, with ExxonMobil, Chevron, and CNOOC as partners. flag Since 2019, the company has paid over $7.8 billion into Guyana’s Natural Resource Fund, and local employment and spending have significantly increased. flag Other projects, Uaru and Whiptail, are under construction and expected to start production in 2026 and 2027.

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