Exxon boasts of US$55B Guyana payday

(Kaieteur News) – ExxonMobil has been able to recover an astounding US$55B it spent to develop the resources in Guyana, a remarkable achievement that the company now uses to advertise itself to countries that are looking for a similar achievement.

During the Barclays Conference Fireside Chat on September 9, Exxon’s Senior Vice President and Chief Financial Officer (CFO), Neil Hansen discussed the milestone the company recently hit in Guyana where historic costs have been paid off.

Exxon has invested in exploration and production activities in the Stabroek Block since 1999. While other countries do not allow oil companies to recover exploration costs, Guyana essentially pays Exxon to hunt for oil the Stabroek Block.