Guyana’s Share of ExxonMobil Oil Production Rises to Nearly 40%

Guyana is now entitled to 39.8% of crude oil production from the ExxonMobil led Stabroek offshore project, President Irfaan Ali said on Tuesday.

The increase follows the consortium’s recovery of the costs invested in developing the project, significantly raising Guyana’s expected oil revenues.

Guyana previously received 12.5% of production. ExxonMobil said in July that it had recovered about $55 billion invested in the project since 2014, roughly two years ahead of schedule.

The Stabroek block is currently the only producing oil and gas project in Guyana.