Guyana Secures Larger Share of ExxonMobil Offshore Oil Production

Guyana's share of crude production from the ExxonMobil-led offshore project has increased to 39.8%, according to President Irfaan Ali.

The change is expected to significantly boost Guyana's oil revenue, following the recovery of costs associated with the project by the Exxon-led consortium.

Exxon's Chief Financial Officer reported that $55 billion invested since 2014 had been recouped about two years faster than expected due to the rapid development of the Stabroek block.

Guyana originally held a 12.5% entitlement to production, but this increase is a major milestone for the country's oil industry.