Guyana's Oil Revenue Set to Soar with Increased Share in Stabroek Block

Guyana's oil revenue is set to soar as its share in the Stabroek block operations increases from 12.5% to 39.8%, President Irfaan Ali announced yesterday.

This significant increase comes after ExxonMobil and its co-venturers recovered their US$55 billion investment two years earlier than expected, with 75% of every 100 produced barrels initially going towards cost recovery.

With the cost bank now depleted by a considerable margin, Guyana's share is approximately 38.9% of every 100 barrels, leaving more revenue for the country.

The addition of a fifth production vessel, expected to arrive this week, will push the country's oil output over one million barrels per day for the first time, with the target being reached by the end of the year.