Guyana's share of profit oil from the Stabroek Block has increased significantly, rising from 12.5 per cent to approximately 39.8 per cent.
President Irfaan Ali made the disclosure on Wednesday, saying the increase is the result of a sharp decline in the amount of oil being used by the ExxonMobil-led consortium for cost recovery.
President Ali says the production-sharing formula under the controversial 2016 petroleum agreement has not changed.
Instead, he says the contractors recovered about US$55 billion in expenditure two years earlier than projected, meaning a larger share of current production can now be classified as profit oil.
Under the previous arrangement, up to 75 per cent of production could be allocated to cost recovery, leaving 25 per cent as profit oil.
Guyana got 12.5 barrels for every 100 barrels produced, in addition to the two per cent royalty.
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President Ali says only about 20 barrels of every 100 are now being used for cost recovery, leaving approximately 80 barrels as profit oil.
Guyana therefore receives about 39.8 barrels out of every 100 barrels produced as its share of profit oil.
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