[REVISION HISTORY]

Guyana ExxonMobil oil sector developments

Updated 7 times since CLSTR started tracking revisions of this situation.

What changed

2026-09-04 00:06 UTC → 2026-09-06 16:02 UTC · added ~~removed~~

In August 2026, ExxonMobil reported second-quarter earnings of $14.5 billion, driven by record output from Guyana’s Stabroek Block, which is producing approximately 900,000 barrels per day. The ExxonMobil-led consortium—including Hess/Chevron and CNOOC—has recovered approximately US$55 billion in investments made since 2014, reaching this milestone roughly two years ahead of schedule. This recovery shifted the profit-sharing structure, with President Irfaan Ali reporting Guyana’s share of oil production rose to 39.8%, including a 2% royalty. However, ExxonMobil CFO Neil Hansen has warned that this share is expected to decrease as the company finances new offshore projects, which will add to the recoverable cost bank. Under current contracts, the company can claim up to 75% of production to recover costs before profits are split 50/50 with the government. Local officials warn this cycle could drive Guyana’s profit share back toward 12.5%. In response, Aubrey Norton, leader of the People’s National Congress Reform, has called for a renegotiation of production agreements. Despite these fiscal tensions, production continues to ~~expand rapidly.~~ expand. The arrival of the Errea Wittu, the country’s fifth Floating Production Storage and Offloading (FPSO) vessel, is expected to push national output beyond one million barrels per day starting in September. Projections suggest output could reach 1.3 million barrels per day by 2027 and approach 1.7 million barrels per day by 2030. The US$12.7 billion Uaru project is also anticipated to recover more than 800 million barrels of oil. To ~~manage~~ support this ~~wealth,~~ growth, nearly 1,300 companies are registered with the ~~government is pursuing economic diversification, including~~ Local Content Secretariat. ExxonMobil Guyana Limited has issued a ~~300-megawatt Gas-to-Energy project intended~~ Request for Information to ~~provide domestic electricity by~~ identify suppliers for the ~~end~~ management and operation of ~~2026.~~ a new Oil and Gas Training Facility in Port Mourant, Berbice. This collaborative project aims to develop a skilled local workforce in disciplines such as electrical, mechanical, and process operations.

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