MODEC Signs Billion-Dollar Contract With ExxonMobil To Deliver New FPSO In Guyana, Strengthening Presence In The Americas Offshore

Written by Paulo Nogueira

Published on 21/04/2025 at 07:41

Updated on 21/04/2025 at 07:48

Arte conceitual gerada por inteligência artificial. Ainda não há imagens oficiais divulgadas sobre o FPSO Hammerhead, que será desenvolvido pela MODEC para a ExxonMobil na Guiana.

Uma pessoa reagiu a isso.

The Japanese MODEC Will Be Responsible for the Development of the FPSO Hammerhead, Which Has the Capacity to Produce 150,000 Barrels per Day, and May Start Operations in 2029

MODEC has taken a giant step in the offshore energy sector by securing a new contract with ExxonMobil Guyana Limited. The negotiation involves the development of the FPSO Hammerhead, which will be installed in the Stabroek block, a strategic region of Guyana.

According to the official announcement made by MODEC on Monday, April 21, 2025, the agreement was reached through a Limited Notice to Proceed (LNTP). This allows the Japanese company to immediately begin Front-End Engineering and Design (FEED) activities.

However, the execution of the contract’s second phase, concerning Engineering, Procurement, Construction, and Installation (EPCI), still depends on the approval of Guyana’s regulatory agencies. ExxonMobil and its co-venturers will also need to approve the continuation of the project.

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FPSO Hammerhead Will Be One of the Jewels of the Guyanese Offshore

If it receives the green light from the authorities, the FPSO may start operations as early as 2029. The unit will have the capacity to process 150,000 barrels of oil per day (BOPD), as well as associated gas and water.

It will be moored at a depth of 1,025 meters, using a modern Spread Mooring System from SOFEC, a MODEC subsidiary specialized in this type of technology.

As a result, the FPSO Hammerhead will become the second MODEC vessel to operate in Guyana. The first, the FPSO Errea Wittu, is currently under construction to serve the Uaru project, also led by ExxonMobil.

MODEC and Exxon Sign Long-Term Agreement for Operations and Maintenance

In addition to the development contract for the FPSO, the companies have signed a Operations and Maintenance Enabling Agreement (OMEA). This document will enable the management of various FPSOs by MODEC in Guyana under a long-term regime.

In this way, MODEC reinforces not only its industrial presence but also its position as a reference in the continuous operation of offshore units.

Statement from MODEC CEO Celebrates Strategic Advancement in the Region

The President and CEO of MODEC, Hirohiko Miyata, publicly celebrated the contract with enthusiasm.

“We are extremely honored and excited about securing this contract. It is a testament to the dedication, expertise, and commitment of our team in providing innovative and reliable solutions. We look forward to closely collaborating with ExxonMobil Guyana to ensure the successful delivery of this second FPSO, contributing to the advancement of the offshore energy sector in Guyana.”

According to the BusinessWire website, which reported the news internationally, the signing of the LNTP represents an important milestone for MODEC, consolidating its operations in the main oil production hubs in the Americas.

With Guyana Gaining Ground, Brazil Needs to Stay Competitive

As ExxonMobil accelerates its plans in Guyana with MODEC’s support, the Brazilian industry needs to closely monitor these movements. The FPSO Hammerhead is yet another sign that Guyana’s offshore is advancing rapidly, efficiently, and with strategic vision.

The question that remains is: Is Brazil ready to compete with this emerging oil powerhouse right next door?

Sources: MODEC (04/21/2025), ExxonMobil Guyana, BusinessWire.

Now tell me: Is Guyana’s advancement in the offshore sector a threat or a warning for Brazil to react?

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MODEC Signs Billion-Dollar Contract With ExxonMobil To Deliver New FPSO In Guyana, Strengthening Presence In The Americas Offshore

The Japanese MODEC Will Be Responsible for the Development of the FPSO Hammerhead, Which Has the Capacity to Produce 150,000 Barrels per Day, and May Start Operations in 2029

Major Oil, Gas, and Energy Event Will Take Place in Brazil: Macaé Energy Will Gather Petrobras, Equinor, Prio, Among Other Suppliers and Energy Executives for Business, Networking, and Employment Opportunities

FPSO Hammerhead Will Be One of the Jewels of the Guyanese Offshore

MODEC and Exxon Sign Long-Term Agreement for Operations and Maintenance

Statement from MODEC CEO Celebrates Strategic Advancement in the Region

With Guyana Gaining Ground, Brazil Needs to Stay Competitive

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MODEC Signs Billion-Dollar Contract With ExxonMobil To Deliver New FPSO In Guyana, Strengthening Presence In The Americas Offshore

The Japanese MODEC Will Be Responsible for the Development of the FPSO Hammerhead, Which Has the Capacity to Produce 150,000 Barrels per Day, and May Start Operations in 2029

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FPSO Hammerhead Will Be One of the Jewels of the Guyanese Offshore

MODEC and Exxon Sign Long-Term Agreement for Operations and Maintenance

Statement from MODEC CEO Celebrates Strategic Advancement in the Region

With Guyana Gaining Ground, Brazil Needs to Stay Competitive

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At over 8,800 meters above sea level, the summit of Mount Everest is made up of rocks that originated at the bottom of an ocean about 500 million years ago and were pushed to the highest point on Earth by the collision of tectonic plates.

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