en.Wedoany.com Reported - A consortium led by ExxonMobil has recouped its multi-billion-dollar investment in a major oil field development in Guyana. The company's chief financial officer said the South American country will receive more oil revenue as investment costs are now fully recovered.

Guyana's Stabroek Block, estimated to hold at least 11 billion barrels of oil equivalent, has become one of the top assets in the U.S. oil producer's portfolio since its discovery in 2015. Revenue from the field has made Guyana one of the fastest-growing economies in the world, with the country now producing more than 900,000 barrels per day.

The consortium's production sharing contract (PSC) with Guyana allows Exxon and its partners to take up to 75% of the oil to recover exploration and development costs. Neil Hansen, chief financial officer of ExxonMobil, revealed that the $55 billion invested since 2014 has been recovered about two years earlier than expected due to the rapid development of the block. Hansen said: "We advanced these investments with unprecedented speed and cost efficiency."

Under the production sharing contract, the consortium splits profit oil equally with Guyana after recovering costs. Hansen said that entering the third quarter, Exxon's book production in Guyana will decrease by about 100,000 barrels per day, but by 2030, free cash flow will double from 2025 levels.

Exxon operates the Stabroek Block with a 45% stake. Chevron holds a 30% interest in the block after acquiring former partner Hess Corp, while CNOOC holds a 25% stake.

The consortium's fifth and sixth projects in the Stabroek Block—Uaru and Whiptail—are expected to begin oil production this year and next year, respectively.

Guyana, with a population of about 1 million, still faces the challenge of diversifying its economy away from oil dependence. While many local businesses are thriving, residents remain plagued by prolonged power outages and poor infrastructure conditions.