Exxon Has Recovered Its $55 Billion Investment In Guyana. Time To Talk About Guyana’s Share Of Oil Profits

ExxonMobil has confirmed that its Stabroek Block consortium has fully recovered approximately US$55 billion in investments and operating costs—almost two years ahead of schedule. Under the 2016 oil agreement, Exxon and its partners could use up to 75% of monthly production to recover costs. The remaining “profit oil” was divided equally between the consortium and Guyana, which also receives a mere 2% royalty. Now that the US$55 billion cost bank has been recovered, Exxon cannot continue deducting historical expenses as though they remain unpaid. After legitimate current expenses, Guyana must receive its full 50% share of profit oil.