Guyana Now Entitled to Nearly 40% of Production from Stabroek

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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.

(Reuters - Reporting by Kemol King, writing by Julia Symmes Cobb)