Exxon Mobil Corporation (NYSE:XOM) reportedly plans to drill up to 30 wells for its seventh oil project in Guyana, named Hammerhead.

Pending government approval, the project is set to begin production in 2029, boosting Guyana's capacity to over 1.4 million barrels of oil per day, reported Reuters.

Exxon plans for the vessel to store 1.4 to 2 million barrels of oil. The floating production unit, a converted VLCC, will be located 15 km (9 miles) southwest of Liza Destiny, Exxon's first platform in Guyana.

As per the report, Exxon anticipates Hammerhead will produce 120,000-180,000 barrels of crude daily, less than the 250,000 barrels per day from its largest vessels in Guyana.

Last month, as per government data, Guyana's lucrative agreement with an Exxon Mobil-led consortium in the South American country generated $6.33 billion for the partners.

In particular, as per Guyana government filings, Exxon reported a net profit of $2.9 billion, its partner Hess Corp. (NYSE:HES) earned $1.88 billion, and CNOOC gained $1.52 billion from the Stabroek joint venture.

Notably, in April, Exxon and Hess made a final investment decision for the Whiptail development offshore Guyana worth $12.7 billion following receiving the required government and regulatory approvals.

Investors can gain exposure to the XOM via Energy Select Sector SPDR Fund (NYSE:XLE) and IShares U.S. Energy ETF (ARCA: IYE).

Also Read: Exxon Mobil's Stock Slides: Oil Up, Gas Down Makes For Mixed Q2 Earnings Outlook

Price Action: XOM shares are down 0.06% at $115.14 premarket at the last check Tuesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo: Del Henderson Jr. via Shutterstock

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