WITH HIGHER PRICES, GUYANA COULD GET LARGER SHARE OF PROFITS SOONER – ROUTLEDGE
ExxonMobil could recover its historic investments in Guyana sooner as production grows and oil prices rise, potentially paving the way for the South American nation to receive a larger share of the profits by the end of 2026. This is according to President of ExxonMobil Guyana, Alistair Routledge, who spoke at a press conference at the company’s Ogle headquarters on Thursday. As per Guyana’s 2016 oil contract, up to 75% of the costs (or money invested) can be recovered or recouped as the oil produced is sold. The remaining 25% of revenues is split equally between the coventurers (ExxonMobil, Hess and CNOOC) and Guyana; the government also gets an additional two per cent in royalties from total revenues. With costs recovered, it is expected that Guyana will get a larger share of the profit — beyond the 14.5% (12.5% profits and 2% royalties) received now.
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