Oil & Gas

UK-based energy technology provider TechnipFMC has secured a major subsea contract to support ExxonMobil Guyana’s offshore oil project in the Stabroek block. The deal, valued between $250 million and $500 million, involves supplying subsea production systems for the Hammerhead development, the seventh deepwater oil project in the area. This project follows a recent $6.8 billion investment aimed at expanding Guyana’s offshore oil capacity. TechnipFMC’s responsibilities will include project management, engineering, and manufacturing of subsea production systems that support both production and water injection functions. The subsea infrastructure will utilize products from TechnipFMC’s Subsea 2.0 platform, such as subsea trees, manifolds, and control systems. ExxonMobil operates the Stabroek block with a 45% stake, alongside Hess (now Chevron) with 30%, and CNOOC Petroleum Guyana holding 25%. Jonathan Landes, President of Subsea at TechnipFMC, highlighted that Hammerhead represents the company’s seventh greenfield project award from ExxonMobil Guyana since 2017. He emphasized that their ongoing success is due to delivering projects on schedule, leveraging proven execution capabilities, and the advantages of their Subsea 2.0 technology platform. Landes expressed optimism about strengthening their partnership with ExxonMobil through future projects. Supporting the development, MODEC will build the FPSO (Floating Production Storage and Offloading) unit for Hammerhead, while Saipem is tasked with engineering, procurement, construction, and installation (EPCI) activities. Located approximately 200 kilometers offshore from Guyana, the Hammerhead project is expected to add between 120,000 and 180,000 barrels per day, boosting the country’s total oil production capacity to nearly 1.5 million barrels per day by 2029.