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Guyana's Oil Share Rises to 39.8% as Exxon-Led Consortium Recovers Costs

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Guyana is now entitled to 39.8% of crude production from the ExxonMobil-led Stabroek Block offshore project after the consortium recovered its development costs, President Irfaan Ali said on Tuesday.

Guyana's share of production had been 12.5%, Ali said at a news conference, attributing the increase to the recovery of project costs about two years earlier than initially expected.

"Guyana's share of Stabroek Block oil has increased from 12.5% to 39.8%," Ali said. "In terms of barrels, 75 of every 100 barrels produced went to cost recovery."

The Stabroek Block, operated by ExxonMobil with its consortium partners, is the only producing oil and gas project in Guyana.

Ali said the production-sharing formula governing the project has not changed from the terms agreed in 2016. Under the agreement, Guyana receives a royalty, while up to 75% of production can be allocated to cost recovery. The remaining production, known as profit oil, is split equally between Guyana and the consortium partners, he said.

Ali also said Guyana expects its fifth floating production, storage and offloading vessel, or FPSO, to arrive off the country's coast this week after departing Singapore in early August.

The vessel, built by MODEC at a reported cost of $12.7 billion, is designed to add about 250,000 barrels of oil per day to Guyana's production. Its arrival is expected to help push national output above 1 million barrels per day for the first time, with first oil targeted for the fourth quarter of 2026.

Guyana currently has four operating FPSOs, Liza Destiny, Liza Unity, Prosperity and One Guyana, producing about 900,000 to 920,000 barrels per day, Ali said.

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