(Kaieteur News) Close to three weeks after ExxonMobil made a bombshell announcement to its shareholders that the company had recovered all US$55B investment made in Guyana, President Irfaan Ali finally addressed the disclosure on Tuesday during a media conference.

The Head of State in a one-hour press briefing at his office on Shiv Chanderpaul Drive, Georgetown revealed that Guyana’s profit share has climbed significantly from 12.5% to 39.8% as operating costs still remain. “Guyana’s share of Stabroek Block oil has increased from 12.5% to 39.8%. This has occurred as I said because the cost bank has been recovered two years earlier than was originally expected. In terms of barrels, 75% of every hundred barrels produced went to cost recovery,” President Ali explained.

As expenses have been recovered, the head of state noted that the share of oil to repay costs have been reduced from 75% to 20%.