IN 2023, ExxonMobil remitted a staggering $49.5 billion in taxes to the Guyana Revenue Authority (GRA), according to ExxonMobil Guyana’s President Alistair Routledge.
During a press conference at the company’s Georgetown office on Wednesday, Routledge sought to clarify misconceptions about the company’s tax contributions locally.
He explained that ExxonMobil operates under a Petroleum Sharing Agreement (PSA) in Guyana’s Stabroek Block, which differs from traditional corporate taxation.

To put these figures in context, Routledge explained that the PSA effectively functions as a taxation system, even though the payments aren’t labeled as “taxes” in the traditional sense.
He stressed that ExxonMobil fully complies with all local tax laws and underlined the importance of focusing on how their contracts deliver substantial financial benefits to Guyana.
“It’s remitting revenue to the state. In this case, corporate tax in the country is 25 per-cent. The profit share and royalty exceed 52 per-cent to the country. I just want people to be clear on. While it is not called tax in the petroleum sharing agreement, in effect, that’s what it is.

“It is payments to the state in lieu of being that tax agreement. As far as paying taxes, though, in the country, I do want to be clear that while we don’t specifically pay corporate income tax, we do pay other taxes, like withholding taxes and royalties,” Routledge pointed out.
Since the initial discovery in 2015, three major projects—Liza 1, Liza 2, and Payara—are collectively producing over 600,000 barrels of oil per day in the Stabroek Block. This production is supported by three FPSOs: Liza Destiny, Liza Unity, and Prosperity.

The prolific Stabroek Block has solidified Guyana’s position as a major player in the global oil industry and the fastest-growing economy in the world.
Three other development projects in this block—Yellowtail, Uaru and Whiptail—are set to begin production in 2025, 2026, and 2027, respectively.
Each project is estimated to generate 250,000 barrels per day, bringing the total offshore oil output in Guyana to more than 1.3 million barrels per day.
In its 2023 Financial Statement which was laid over last year, ExxonMobil Guyana remitted $49.5 billion in taxes along, and according to Routledge could make the company the highest tax contributor in Guyana’s Natural Resource Fund (NRF), further boosting the country’s financial gains from the oil industry.

Also, it reported comprehensive income (profit) of GY$614.6 billion (US$2.9 billion) in 2023, which is a six per cent increase from the company’s GY$577.7 billion (US$2.75 billion) 2022 profit.
And that profit occurred at a time when the company’s annual revenue was $1.1 trillion and its overall operating expenses were estimated to be $356.1 billion.
ExxonMobil, Hess, and CNOOC are co-venturers in the oil production project in Guyana’s Stabroek Block, with stakes of 45 per cent, 30 per cent, and 25 per cent respectively.

Under their PSA with the Government of Guyana, the country receives a two per cent royalty on all pre-cost revenues and a 50 per cent share of profits after cost recovery.
Initially, up to 75 per cent of oil produced is allocated for cost recovery, leaving 25 per cent as profit, which is split evenly between Guyana and the consortium.
This arrangement results in Guyana receiving about 14.5 per cent of overall revenues during the initial phase. As costs are recovered, Guyana’s share could rise to 52 per cent, with most revenues classified as profit.