ExxonMobil (NYSE: XOM) recently confirmed plans to move forward with a fifth oil production project off the coast of Guyana. The proposed offshore project would cost 27% more than the last one. It would deliver its first oil in 2027, after which it should produce at a steady rate for two decades. 

It's a massive undertaking for the company and its partners, Hess (NYSE: HES) and CNOOC, representing a bold bet on the oil market's future. Here's a closer look at ExxonMobil's latest multibillion-dollar drilling development and whether it should be viewed as a catalyst for buying the red-hot oil stock. 

According to a report by Reuters, ExxonMobil is planning to approve its fifth oil production project in Guyana. The Uaru development would cost an estimated $12.68 billion, or 27% more than the $10 billion price tag of the company's fourth project in the region (One Guyana). It's expected to produce 250,000 barrels of oil per day (BPD) -- the same production level as One Guyana -- a capacity it should be able to maintain for about two decades. Inflation and a larger project scope are responsible for Uaru's higher expected costs. 

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Source Fool.com