Guyana is now entitled to 39.8% of all crude produced from the Stabroek Block, up sharply from 12.5% when production began in 2019, President Irfaan Ali said.
The increase reflects lower cost recovery by the ExxonMobil-led consortium. With companies now requiring only around 20% of production to recover expenses, roughly 80% is available as profit oil, which is split equally between Guyana and the consortium.
Stabroek production has surpassed 900,000 bpd, with ExxonMobil holding a 45% stake, Chevron’s Hess 30%, and CNOOC 25%.
Note by Alessandro Bazzoni