water project vs exploitation

water project and exploitation both are nouns.

Word	Noun	Adjective	Verb	Adverb
water project	Yes	No	No	No
exploitation	Yes	No	No	No

As nouns, exploitation is a hypernym of water project; that is, exploitation is a word with a broader meaning than water project:

water project: making an area of water more useful
exploitation: the act of making some area of land or water more profitable or productive or useful

Other hypernyms of water project include development.

water project (noun)	exploitation (noun)
making an area of water more useful	the act of making some area of land or water more profitable or productive or useful
	an act that exploits or victimizes someone (treats them unfairly)