Guyana now entitled to nearly 40% of production from oil block, president say

 Aug 18 (Reuters) – 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.

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.