By Kiana Wilburg
Now that ExxonMobil and its partners have recovered their US$55 billion investment across multiple projects in the Stabroek Block, Guyana has, as of July 2026, become the largest taker of oil barrels from the offshore concession.
On July 31, 2026, ExxonMobil confirmed that the investment had been fully recovered, roughly two years earlier than expected, because production levels and oil prices have been strong. As a result of this, Guyana’s share of oil in the Stabroek Block has increased.
Guyana initially received about three lifts per month, each holding approximately one million barrels; that has increased to 10 to 12 lifts monthly, meaning the country has moved from collecting an estimated 3 million barrels of oil per month to 10 to 12 million. The government lifted three cargoes in June and 10 in July, with 10 scheduled for August, 12 for September, 11 for October and 10 for November. That oil is sold and the proceeds are paid into the Natural Resource Fund.
Officials at the Ministry of Natural Resources confirmed to In-House Media that Guyana’s share of Stabroek Block oil has therefore increased from 12.5% to 39.8%, making the country the largest individual lifter of crude extracted off its own shores.
The ministry confirmed that the 39.8% figure is for August 2026; the share has run between 38.5% and 39.8% since July, with the block currently producing around 900,000 barrels per day from four vessels.
Under the Stabroek Block production sharing agreement, every barrel sold is divided according to a fixed sequence. Guyana is first paid a 2% royalty in cash, as it has been since the very first drop of oil in 2019. Thereafter, up to 75% of the oil produced can be used to recover eligible expenses incurred by the oil companies, an amount referred to as cost oil. What remains after cost recovery is profit oil, which is divided equally between Guyana and the contractors.
The ministry has emphasised that none of these terms was altered: the rules are in the 2016 agreement, nothing was renegotiated and Guyana’s half of the profit oil never changed. What changed is how much oil there is to share.
The arithmetic is clearest when set out per hundred barrels. Previously, as much as 75 barrels out of every 100 produced were taken as cost oil, leaving 12.5 barrels for Guyana and 12.5 for the contractors. With the investment now recovered, cost oil accounts for about 20.4 barrels in every 100, leaving 39.8 for Guyana and 39.8 for the contractors.
In essence, the pool available for distribution expanded significantly – from roughly 25 barrels out of every 100 to about 80. Guyana receives the country’s entire 50% share of profit oil, making it the largest individual lifter. The contractors’ remaining 50% share is divided among ExxonMobil, Chevron, which now owns Hess, and CNOOC based on their respective interests in the Stabroek Block.
The ministry cautioned, however, that Guyana’s share of the oil is not a fixed figure. It is recalculated each month based on actual production, oil prices and spending by the ExxonMobil-led partners.