By Kemol King

GEORGETOWN, Aug 14 (Reuters) - A development plan for

Guyana's seventh offshore oil project is expected early next

year, Natural Resources Minister Vickram Bharrat said on

Wednesday, and would bring the South American nation's total oil

production to more than 1.4 million barrels per day.

The South American country has emerged as the fastest

growing oil nation in the last decade, with more than 30

discoveries off its coast. A consortium led by Exxon Mobil ( XOM )

is producing about 650,000 barrels of oil per day (bpd)

from three production platforms.

The group's latest discoveries slightly raised the country's

total estimate of recoverable oil and gas in Guyana to 11.6

billion barrels, Bharrat said. The official figure is up from

the "more than 11 billion barrels" that has been used since 2022

by the Exxon-led consortium.

The seventh project, called Hammerhead, is projected to add

up to 180,000 bpd of production capacity after it starts output

in 2029.

"We have not received the field development plan as yet.

That will probably be in the first quarter of 2025, and then we

will conduct the necessary due diligence with the view of

issuing the license once everything is okay," he said.

Winners of a 2023 offshore bidding round for offshore

exploration and development blocks are reviewing a production

sharing agreement with the intention of paying the signing

bonuses and ink the contracts, he said. Bharrat did not say when

the companies are expected to conclude their reviews.

INACTIVE LICENSE

A license that had been granted to Canada-incorporated firms

CGX Energy ( CGXEF ) and Frontera Energy ( FECCF ) to explore a

promising offshore block in Guyana, Corentyne, has expired and

no decision has been made to extend it.

"There is no license held by CGX presently. However, the

matter is still at the cabinet level for further discussion,"

Bharrat said.

Guyana's Vice President Bharrat Jagdeo this year criticized

the group, which has been unable to secure a financial partner

for its Guyana projects, complicating its development plans.

Analysts and experts were expecting Corentyne to be the next

block to be developed in Guyana, bringing much needed diversity

to the country's industry, where all output is controlled by the

Exxon group.

A separate license to Spain's Repsol for exploring

the Kanuku block expired last year, with no renewal approved.