ExxonMobil's Guyana Venture Recoups $55 Billion Investment

The ExxonMobil-led joint venture in Guyana's Stabroek Block has recouped its initial costs of $55 billion, its chief financial officer told Reuters. The block, estimated to hold at least 11 billion barrels of oil equivalent, was discovered in 2015 and has become one of the top assets of Exxon's portfolio.

The joint venture's production sharing contract allowed Exxon and its partners to take up to 75% of the oil to cover their exploration and development costs. The rapid development of the block led to the recouping of investments about two years faster than expected, according to Exxon Chief Financial Officer Neil Hansen.

Exxon will now book about 100,000 fewer barrels per day from the country as it enters the third quarter, but free cash flow is expected to increase by 2030 to twice the level seen in 2025. The company has also used AI to evaluate drilling and subsurface data for further exploration.