Guyana increases its share of ExxonMobil's offshore oil production to 39.8%

Guyana is now entitled to 39.8% of crude ‌production from a large ExxonMobil-led offshore project, the country's President Irfaan Ali said on Tuesday, Report informs referring to Reuters.

The change - expected ⁠to greatly increase the country's oil revenue - comes after the Exxon-led consortium, the only one producing oil and gas in Guyana, recovered the costs associated with the project, ‌Ali ⁠told journalists.

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

Guyana originally ⁠had a 12.5% entitlement to production.