XOM Boosts Oil Production in Guyana, Greenlights Hammerhead Project
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ExxonMobil Corporation XOM, a U.S.-based energy major, has taken the final investment decision for the Hammerhead project, its seventh offshore development in the Stabroek Block. The Stabroek Block, offshore Guyana, is one of the most prolific oil-producing regions in the world. The Hammerhead development is expected to begin production in 2029.Hammerhead Development: Details and CostsPer ExxonMobil, the Hammerhead development, with an anticipated cost of approximately $6.8 billion, will have a total of 18 production wells and injection wells. The development will use a floating production storage and offloading (FPSO) vessel for extracting and storing hydrocarbons. The FPSO has a production capacity of about 150,000 barrels of oil per day. For XOM, the seventh offshore development in Guyana is a step forward toward its target to produce 1.7 million barrels of oil equivalent per day (boe/d) from the South American nation by the end of this decade.The government of Guyana has mentioned that it plans to utilize associated gas from the Hammerhead for a gas-to-energy project. From the offshore development, the associated gas will be transported via a pipeline network and later utilized to produce electricity for the country. ExxonMobil has currently achieved production levels of approximately 650,000 boe/d from the Stabroek Block. The company recently brought the ONE GUYANA FPSO online, which is expected to raise production from the Stabroek block to over 900,000 boe/d.Upcoming Projects: Uaru and WhiptailThe fifth and sixth oilfield developments in the Stabroek block, namely Uaru and Whiptail, are anticipated to begin production in 2026 and 2027, respectively. ExxonMobil is currently the largest stakeholder in the Stabroek block, holding a 45% interest. Its partners are Chevron Corp. and CNOOC, holding 30% and 25% interest, respectively. XOM is the operator of the block.XOM’s Zacks Rank & Key PicksCurrently, XOM carries a Zacks Rank #3 (Hold).Some better-ranked stocks from the energy sector are Repsol S.A. REPYY, Galp Energia SGPS SA GLPEY and Eni S.p.A. E. While Repsol sports a Zacks Rank #1 (Strong Buy), Galp Energia and Eni carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks Rank #1 stocks here.Repsol is a global multi-energy company, involved in exploration and production activities as well as refining and marketing petroleum products. The company is also actively involved in transitioning toward cleaner and more sustainable energy solutions. This suggests that Repsol is positioning itself in line with global energy transition needs.Galp Energia is a Portuguese energy company engaged in exploration and production activities. The company’s oil exploration efforts have yielded positive results, particularly the Mopane discovery in the Orange Basin, offshore Namibia. After the initial exploration phase, Galp estimated that the Mopane prospect could hold nearly 10 billion barrels of oil. This discovery allows Galp to diversify its global presence, with the potential to become a significant oil producer in the region.Eni is a leading global integrated energy company with a prominent focus on liquefied natural gas businesses. As natural gas has a lower carbon footprint compared with other fossil fuels, it will play an important role in the global energy transition process. Eni’s participation in the natural gas market will allow it to capitalize on the mounting global demand in the future.Zacks Names #1 Semiconductor StockThis under-the-radar company specializes in semiconductor products that titans like NVIDIA don't build. It's uniquely positioned to take advantage of the next growth stage of this market. And it's just beginning to enter the spotlight, which is exactly where you want to be.With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $971 billion by 2028.See This Stock Now for Free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Exxon Mobil Corporation (XOM): Free Stock Analysis Report Eni SpA (E): Free Stock Analysis Report Repsol SA (REPYY): Free Stock Analysis Report Galp Energia SGPS SA (GLPEY): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks
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