Guyana Cashes In on Offshore Oil as Exxon-led Consortium Recovers Investment

Guyana's share of ExxonMobil's offshore oil production has increased to 39.8%, according to President Irfaan Ali.

The change is expected to significantly boost the country's oil revenue, with the consortium led by Exxon having recouped its $55 billion investment since 2014 about two years faster than anticipated.

The investment was made in the Stabroek block project, where ExxonMobil-led Exxon reported rapid development. Initially, Guyana had a 12.5% entitlement to production.