MODEC has been awarded an Engineering, Procurement, Construction, and Installation (EPCI) contract to develop a Floating Production Storage and Offloading (FPSO) vessel for ExxonMobil Guyana's Hammerhead Project offshore Guyana, following Final Investment Decision (FID).
Phase One of the contract, covering Front-End Engineering and Design (FEED), has already been completed.
“We are honoured to be entrusted with the full EPCI scope for Hammerhead. This award reflects MODEC’s integrated capabilities to design, build and operate—from concept and FEED through to safe execution and timely delivery of the project,” said Soichi Ide, head of Floating Production Solutions Business Unit of MODEC. “MODEC’s strategic relationship with ExxonMobil Guyana positions us to work with them and our stakeholders to create lasting value throughout the project lifecycle.”
The Hammerhead FPSO will have the initial annual average production of 150,000 barrels of oil per day (BOPD), along with associated gas and water. It will be moored at a water depth of approximately 1,025 metres.
The Hammerhead FPSO will be MODEC’s second for use in Guyana, following the Errea Wittu, which is currently being built for ExxonMobil Guyana’s Uaru project. As with the Uaru Project, MODEC will provide ExxonMobil with operations and maintenance services for the FPSO for 10 years from first oil.
The US$6.8 billion Hammerhead project, due to start up in 2029, is the seventh project on the Stabroek block, and will include 18 production and injection wells.
ExxonMobil is producing approximately 650,000 barrels of oil per day from the Stabroek block. With the recent successful startup of a fourth FPSO, the ONE GUYANA, the company anticipates growing production to more than 900,000 barrels of oil per day by the end of the year. Construction is underway for the fifth and sixth approved projects, Uaru and Whiptail, with Uaru anticipated to start production in 2026, and Whiptail is anticipated for startup in 2027.
ExxonMobil affiliate ExxonMobil Guyana Limited is operator and holds 45% interest in the Stabroek block. Hess Guyana Exploration Ltd. holds 30% interest, and CNOOC Petroleum Guyana Limited holds 25% interest.
