Shafaqna English– President Irfaan Ali of Guyana announced on Tuesday(18 Aug 2026) that his country has now secured an entitlement to 39.8% of the crude oil extracted from a major offshore development operated by ExxonMobil, marking a significant milestone in the nation’s evolving partnership with the international oil consortium.
Speaking to journalists, Ali clarified that the newly implemented entitlement shift—expected to dramatically elevate the country’s oil income—was triggered by the consortium led by ExxonMobil having fully recovered its initial investment and operating expenses tied to the offshore project. With cost recovery now complete, the production-sharing terms have automatically adjusted in Guyana’s favor.
Source: Reuters