Guyana is on the verge of a significant increase in oil revenues as the country moves closer to repaying ExxonMobil for its investments in the Stabroek Block, with the government signalling that a public announcement on the matter is forthcoming.

Minister of Natural Resources Vickram Bharrat confirmed during an interview with Kaieteur News on Monday that the cost bank, the account through which ExxonMobil recovers its investment expenditure before profit sharing begins, is being rapidly reduced. Once cleared, the 2016 Production Sharing Agreement entitles Guyana to 50 percent of profits from Stabroek production, up from the current 12.5 percent, representing as much as a fourfold increase in revenue flow to the country.

Bharrat stated that the government is preparing to address the matter publicly, noting that President Irfaan Ali or a press conference may be used to communicate details on what he described as the “desaturation” of the cost bank and how profit sharing will operate going forward.

The minister cautioned, however, that the cost bank has not been fully repaid, as exploration activities within the Stabroek Block continue to accumulate expenses. ExxonMobil’s exploration licence has approximately one year remaining, meaning those costs are still being added. Bharrat said the government will need to assess ongoing work in the block before confirming when the 50/50 split will take effect.

Despite this, Bharrat indicated that Guyana is positioned to receive additional oil lifts within a few months, with each lift equivalent to approximately one million barrels.

In March, ExxonMobil Guyana Limited President Alistair Routledge projected that the cost bank would be cleared by the end of 2026, driven by higher oil prices and current production levels. Four projects are presently producing approximately 920,000 barrels per day offshore Guyana, with a fifth project, Uaru, expected to bring output to approximately 1.2 million barrels per day before year end.

ExxonMobil has expended an estimated US$40 billion across the seven approved Stabroek projects to date. Critics have long argued that the absence of ring-fencing provisions in the 2016 contract allows the company to apply profits that would otherwise flow to Guyana toward financing new, unapproved projects, effectively delaying the country’s access to its full revenue entitlement. Exxon’s eighth and ninth projects, Longtail and Haimara, remain in the planning phase with no approval granted.

SOURCE: Kaieteur News, “Govt. to make announcement soon on increased oil revenue for Guyana,” May 12, 2026