(Kaieteur News) – Guyana has paid off ExxonMobil the full cost of seven oil projects approved to date by the Government of Guyana (GoG), yet, the country is still to begin receiving its full 50% profits in accordance with the 2016 Production Sharing Agreement (PSA).

At its press conference earlier this month, Exxon’s Vice President and Business Services Manager, John Colling informed the media that US$4.5B was sitting in the cost bank to be repaid by Guyana up to the end of 2025.

“Through the end of 2025, there was over US$55B in the cost bank of which US$51B had been recovered. As I mentioned in my prior talking points, US$4.5B was yet to be recovered by ExxonMobil Guyana Limited and its co-venturers,” Colling explained.