The global economy is striving to switch fuel sources rapidly. It's seeking to pivot from carbon-spewing fossil fuels to cleaner alternatives -- an energy transition that has many believing fossil fuels will eventually go extinct.

That's not the view of ExxonMobil (NYSE: XOM) and its partners Hess (NYSE: HES) and . The oil companies are investing another $12.7 billion to build a fifth oil production platform offshore in Guyana. The project won't come online until 2026 and should produce for 20 years, suggesting they believe oil will remain critical to fueling the economy for decades to come.

Exxon, Hess, and CNOOC recently made a final investment decision for their Uaru development offshore in Guyana. The $12.7 billion project will include building a Floating Production Storage and Offloading (FPSO) vessel called Errea Wittu. It will feature 10 drill centers and 44 production and injection wells to tap an estimated 800-million-barrel oil resource. Due to cost inflation, the expected investment is 27% higher than the partners' similarly sized fourth project (Yellowtail) they approved last year.

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Source Fool.com