(Kaieteur News) – President Irfaan Ali on Tuesday announced plans for the government of Guyana (GoG) to seek expert advice on the financing of new projects in the Stabroek Block, now that the country has repaid ExxonMobil for seven deepwater developments and is enjoying three times the profits it previously received.

The President made the disclosure in response to a question from this newspaper, following his revelation that Guyana is now enjoying 39.8% profits from the Stabroek Block, compared with 12.5% while the company was recovering its expenses.

In accordance with the terms of the 2016 Production Sharing Agreement (PSA), Exxon was allowed to take out 75% of the oil produced in Guyana each month until all of the company’s investments were repaid.