US energy giant ExxonMobil is gearing up to drill as many as 30 wells at its latest project in Guyana, reported Reuters.

Called Hammerhead, it would be Exxon’s seventh oil project in the South American nation.    

The initiative, which awaits the green light from the government, is expected to commence production in 2029 and could boost the nation's oil output to more than 1.4 million barrels of oil per day (mbbl/d).

Currently, Exxon oversees all oil production in Guyana.

The Hammerhead project is projected to yield a daily output of 120,000–180,000 barrels (bbl) of crude oil, less than the 250,000bbl produced by the country's largest vessels.

Exxon has disclosed that the planned vessel for the project will have a storage capacity ranging from 1.4mbbl to 2mbbl of oil.

The floating production unit is expected to be a very large crude carrier conversion facility 15 km south-west of Liza Destiny, Exxon's inaugural platform in Guyana.

In April this year, Exxon made a final investment decision to advance with the Whiptail development offshore Guyana, marking the sixth project in the Stabroek block.

Esso Exploration and Production Guyana, an ExxonMobil affiliate, manages the Guyanese oil block with a 45% interest, alongside partners Hess Guyana Exploration holding 30% and CNOOC Petroleum Guyana with 25%.

The Whiptail project, representing a $12.7bn investment, is expected to add another 250,000bopd to the block’s production by the end of 2027 and will include up to ten drill centres and 48 production and injection wells.

Adding to the series of successes, Exxon announced a new discovery at the Bluefin well in the Stabroek block offshore Guyana in March.

The Bluefin well, which was drilled in 1,294m of water by the Stena Drillmax drill-ship, encountered approximately 60m of hydrocarbon-bearing sandstone. The discovery is situated roughly 8.5km south-east of the Sailfin-1 well in the south-eastern part of the Stabroek block.