Carib Scope

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  • ANNOUNCEMENT: NBD Abandoned accounts 2026

    ANNOUNCEMENT: NBD Abandoned accounts 2026

    ROSEAU, Dominica – August 17, 2026 – National Bank of Dominica Ltd. (NBD) has issued a formal public notice outlining mandatory action for holders of long-dormant accounts, in accordance with existing national banking legislation.

    Per Section 61 (3) of the country’s 2005 Banking Act No. 16, any bank account that has recorded no customer-initiated activity for a 15-year period is legally classified as abandoned. As of the June 30, 2026 assessment cutoff, NBD has identified a list of accounts that meet this criteria for classification as abandoned property.

    To allow account holders or rightful claimants to reclaim their funds, NBD has set a firm deadline of 4:00 p.m. local time on September 17, 2026. If no valid claim is submitted and verified by this cutoff, the bank will be required to transfer all remaining balances from the classified accounts to the Eastern Caribbean Central Bank (ECCB) per regulatory mandate.

    NBD is urging all customers who believe they may hold one of the identified inactive accounts, or are the legal beneficiary of a dormant account held at the institution, to reach out to the bank’s customer support team without delay. Claimants can connect with support via telephone at 767-255-2300, send an inquiry to the dedicated email address [email protected], or visit any NBD branch location in person to start the claims process.

    For members of the public and media outlets that cannot access the full embedded list of abandoned accounts directly in this notice, an editable downloadable PDF version of the full 2026 abandoned accounts roster is available via the link provided alongside the notice.

  • Nexa Credit Union annual CPEA Grant distribution

    Nexa Credit Union annual CPEA Grant distribution

    As a cornerstone of its longstanding dedication to community progress and educational advancement, Nexa Credit Union has officially distributed its annual Caribbean Primary Exit Assessment (CPEA) grant awards, extending tangible financial support to member families of top-performing primary school graduates across Grenada, Carriacou and Petite Martinique. The 2026 grant distribution ceremony was hosted on 18 August at the credit union’s St. George’s headquarters, bringing together a diverse group of qualifying recipients to mark the occasion.

    This year, 135 eligible students secured the one-time education grant, designed to offset the often heavy financial burden of back-to-school preparations for transitioning secondary students. In remarks delivered during the ceremony, Nexa Credit Union General Manager Retesha Smith-Boyd emphasized the initiative’s core mission. “At Nexa Credit Union, we take great pride in standing alongside our members and their families, while celebrating the dedication and academic excellence of the young people who have worked so hard to earn this achievement,” Smith-Boyd said. “This program is more than a financial award—it is a reflection of our ongoing promise to invest in education and empower the next generation, no matter what path they choose to pursue.”

    To qualify for the CPEA grant, applicants must meet clear eligibility requirements that align the program with Nexa’s focus on responsible financial stewardship: student’s parents or guardians must be active Nexa members in good financial standing, holding a minimum of $300 in fully paid-up shares. This structure ensures the initiative simultaneously rewards sound financial habits among members and opens pathways for educational progress.

    Each grant carries a total value of $300, split into two purpose-driven allocations. The first $250 is deposited directly into the qualifying member’s main account, earmarked for essential back-to-school needs including school uniforms, textbooks, notebooks and other classroom supplies that make up a large share of back-to-school costs for families. The remaining $50 is issued as a Smart Saver voucher, which is either credited to the student’s existing youth savings account or used to open a new account. This split structure is intentional, designed to foster a lifelong habit of saving and smart financial decision-making from childhood.

    Nexa’s Smart Saver program, the youth-focused savings product that underpins the grant’s savings component, has recently been updated to further incentivize academic success. Under the revised terms, secondary students who maintain an A average on their term report cards now qualify for periodic cash bonuses, deposited directly into their Smart Saver accounts at the end of each academic term.

    In a new enhancement to the 2026 CPEA grant program, Nexa has partnered with local business Cathwills Stationery Services to offer all grant recipients an extra 15% discount on all purchases storewide. The collaboration amplifies support for families, stretching education dollars further to cover necessary school supplies as students prepare to begin the new academic year.

    The CPEA grant initiative is one of Nexa Credit Union’s longest-running community programs, rooted in the cooperative’s core mission of lifting up members and investing in Grenada’s future through youth empowerment. On behalf of Nexa’s Board of Directors, senior leadership team and all staff, congratulations were extended to every 2026 grant recipient, with well wishes for continued academic and personal success in their upcoming secondary education and future endeavors.

    For full details on the 2026 CPEA grant distribution, additional program information and application details for future cycles, interested parties can visit the official Nexa Credit Union website at nexacreditunion.com, or follow the credit union’s official Facebook and Instagram pages for updates.

  • Cable car project advances with major works underway

    Cable car project advances with major works underway

    In August 2025, construction on Dominica’s ambitious cable car development — set to claim the title of the world’s longest recreational cable car upon its completion — continues advancing steadily across multiple key construction zones across the island.

    Officials from Dominica’s Ministry of Tourism confirmed that work is moving forward on schedule across all core segments of the large-scale infrastructure project. Along the entire planned route, teams are making consistent progress assembling the steel support towers that will hold the cable system. At the project’s lower terminus, the Bottom Station, crews are now focused on final interior finishing work and surrounding landscape beautification to prepare for future visitor operations. Up at the highest point of the route, the Top Station, major structural construction work is also well underway as the development enters its next active phase.

    This infrastructure project is designed to do more than just create a new tourist attraction: it aims to expand access to some of Dominica’s most breathtaking and ecologically significant natural landscapes, which have long been difficult for many visitors to reach. Once fully operational, the cable car will give travelers an unprecedented new perspective on Dominica’s lush volcanic interior, while drastically cutting travel time and improving accessibility to two of the island’s most iconic sites: the famous Boiling Lake, the world’s second-largest hot spring, and the geothermally active Valley of Desolation.

    The Dominican government has framed the cable car as a transformative upgrade to the country’s tourism offerings, with expectations that it will draw more international visitors, extend average tourist stays, and deliver long-term economic benefits to local communities across the island. First construction kicked off in 2024, and the project boasts an impressive 6.6-kilometer total route that will carry passengers on a 22-minute one-way journey, with seven intermediate waystations positioned along the route to allow for explored stops. Currently, the project remains on track for final completion and a planned public opening in late 2026.

  • New York trade mission prepares first-time exporters

    New York trade mission prepares first-time exporters

    Almost 30 small and medium-sized enterprises (SMEs) across Barbados are currently completing a rigorous export preparation bootcamp, laying the groundwork for a landmark trade expedition to New York scheduled for mid-September. The initiative is tailored to support first-time trade mission attendees in converting global networking exposure into tangible, long-term business growth.

  • TSTT drops Cox as acting CEO

    TSTT drops Cox as acting CEO

    In a sudden leadership restructuring at Trinidad and Tobago’s majority state-owned telecommunications giant Telecommunications Services of Trinidad and Tobago Ltd (TSTT), Keino Cox has been replaced as acting chief executive officer after just over 13 months in the role, with industry veteran Reza Hosein tapped to step into the top position effective immediately.

    By Thursday evening, updates to TSTT’s official leadership page had already removed Cox from the company’s executive roster and listed Hosein as the new acting CEO. Public Utilities Minister Barry Padarath confirmed the transition in a phone interview with the Express, noting that the TSTT board of directors convened a meeting earlier the same day to review Cox’s performance appraisal and ultimately voted against renewing his temporary appointment.

    Cox’s tenure as acting CEO was approved via a specific board resolution that was set to expire on July 31, 2026. Following that expiration, the board opted not to extend his mandate, Padarath explained. “I spoke with the chairman of TSTT a few minutes ago, he advised me that there was a board meeting this afternoon, which ended after 6 p.m., and the board took the decision to appoint Mr Reza Hosein as the new acting chief executive officer of TSTT,” Padarath shared. “Keino Cox’s appointment as acting chief executive officer came to an end on July 31, 2026. Mr Cox was appointed through a board resolution, and after a review or consideration and an appraisal, the board took the decision to appoint Mr Hosein to act instead of continuing with Mr Cox.”

    Padarath added that he has requested a full briefing on the specific details that drove the leadership change, but emphasized that Cox’s formal authority to serve in the role had already reached its scheduled end. “And upon the expiration, the board met, they considered several different issues, which I am waiting to be briefed on by the board, and they decided to go with Mr Reza Hosein to lead the company at this time,” he said.

    The minister also addressed ongoing concerns around uncertainty at Amplia Communications, TSTT’s subsidiary, where media reports have claimed employees are left in limbo amid plans to end the company’s operating contract. Padarath confirmed he had raised questions about the situation with the TSTT board, only to be informed that the proposed move was brought forward unilaterally without board approval, and that the body has not yet discussed the matter officially, with legal review currently underway.

    Cox first stepped into the acting CEO role in July of the previous year, taking over from outgoing CEO Kent Western when he was serving as substantive assistant vice-president of Emerging Services and Innovation. When contacted by reporters Thursday evening, Cox declined to comment beyond the official statement released by TSTT.

    In its official announcement of the leadership transition, TSTT outlined Hosein’s immediate priorities as acting CEO: sustaining organizational momentum, accelerating progress against the company’s core strategic goals, and driving its ongoing transformation from a traditional telecommunications provider to a full technology-focused enterprise. The company says this transformation leverages cutting-edge technology, expanded digital capabilities, and innovation to boost customer value, improve operational performance, open new diversified revenue streams, and position TSTT for long-term sustainable growth in an increasingly competitive digital market.

    Hosein, who boasts 27 years of specialized experience in the telecommunications sector, joined TSTT’s senior leadership team just last month, when he took over as vice-president of technology following the departure of Rattan Boodram. His career at TSTT has spanned leadership roles across nearly every critical business segment, including technology, residential services, wireless solutions, consumer sales, service delivery and assurance, customer experience, and marketing. This cross-functional experience has given him a holistic, enterprise-wide understanding of TSTT’s operations and the core strategic, technological, commercial, and customer-focused demands shaping the company’s future, the release noted.

    Kern Dass, chairman of TSTT’s board of directors, expressed full confidence in the new acting CEO in a statement accompanying the announcement. “The board welcomes Reza to the role of Acting Chief Executive Officer and is confident in his leadership as TSTT continues to advance its strategic priorities and accelerate its transformation from a Telco to a TechCo,” Dass said. “His extensive experience across technology, commercial operations and customer experience will be important as the Company strengthens its digital capabilities, drives innovation and delivers greater value for our customers and stakeholders.”

    In his first public comment since the appointment, Hosein said he was honored to take on the top leadership role. “I am honoured to assume the role of Acting Chief Executive Officer. I look forward to working with our employees and stakeholders to build on the work underway, maintain our focus on our customers and continue advancing the Company’s strategic priorities,” he said.

    The leadership transition comes as TSTT navigates two key industry moments: a public standoff with the Communications Workers Union (CWU) over a disputed 10% wage increase for employees, and a historic high in financial performance. Just last month, TSTT and its Amplia subsidiary reported the group’s strongest full-year financial results in 17 years. For the 12-month period ending March 31, 2026, the company posted an after-tax profit of $214 million, marking a 103% jump from the prior year’s after-tax profit of $106 million recorded in 2025.

    The current TSTT board, chaired by Dass, recently added a new member when Daniel Thornhill was appointed to the director role just last week. He joins sitting directors Cassilina Kelshall and Randy Ramtahal on the governing body.

  • Friday eyes Taiwanese business mission as SVG courts investors

    Friday eyes Taiwanese business mission as SVG courts investors

    Following a high-profile official visit to Taipei that generated robust private sector interest from Taiwanese business circles, Prime Minister Godwin Friday of St. Vincent and the Grenadines (SVG) announced his administration is accelerating arrangements to host a Taiwanese business leader delegation on SVG soil.

    Speaking at an August 18 press conference in Kingstown, Friday detailed that an SVG-focused investment forum held during his Taiwan trip drew an exceptionally strong turnout, with dozens of private investors putting forward concrete plans to explore on-the-ground investment opportunities across multiple high-growth sectors. The premier framed the upcoming delegation visit as a cornerstone of his government’s flagship economic strategy, which positions private sector investment as the primary engine of national development, paired with support from a forthcoming national development bank and longstanding bilateral cooperation with Taiwan.

    “During our time in Taiwan, we laid out SVG’s current economic landscape to demonstrate the untapped potential waiting for investors, and walked through cross-sector opportunities for partnership,” Friday told reporters. “The immediate outcome is that Taiwan’s business community is already eager to organize a formal delegation to SVG to scout these opportunities firsthand.”

    He emphasized that the government fully embraces the profit-driven motivation of private investment, noting that such mutually beneficial partnerships are exactly what SVG needs to accelerate economic expansion, generate new local employment, and create pathways for domestic enterprises to integrate into larger regional and global supply chains linked to incoming foreign projects.

    To capitalize on the momentum built during the Taipei visit, Friday said SVG will move rapidly to coordinate cross-team logistics for the delegation, bringing together local administrative staff, SVG’s ambassador to Taiwan Kenton X. Chance, and Taiwan’s ambassador to SVG Fiona Fan for joint planning once Fan returns to Kingstown. While no official timeline for the visit has been released, the prime minister repeatedly stressed the urgency of seizing the opening, saying that the Caribbean nation cannot afford to let high-value investment opportunities pass.

    Four key sectors have emerged as the top areas of investor interest from the Taiwan side, according to Friday. First, renewable energy – specifically solar power – has drawn significant attention, aligning with SVG’s national goal of advancing a just energy transition. The prime minister shared that at least three investors approached him during the visit to request detailed discussions on solar project development, with conversations cut short only by tight event schedules, not a lack of enthusiasm.

    Second, SVG’s tourism sector, particularly hotel development on the main island, has piqued investor curiosity. Friday told investors in Taiwan that SVG currently faces a critical structural gap in tourist accommodation: during peak travel seasons such as the annual Carnival, many potential visitors are forced to cancel trips even when air seats are available, simply because no hotel rooms can be found. Resolving this gap, he argued, is essential to unlocking the full economic potential of SVG’s existing Argyle International Airport, and to creating new upstream and downstream opportunities for local businesses that supply goods and services to the tourism sector.

    Third, Taiwanese investors have shown strong interest in SVG’s untapped marine industry potential, including shipyard development, yacht maintenance and other marine service opportunities. During the SVG delegation’s visit to Kaohsiung, southern Taiwan, members toured two distinct shipyard facilities: one large-scale yard that constructs tankers and other large commercial vessels, and a smaller boutique operation that builds custom mega-yachts. The visit, Friday said, highlighted both Taiwan’s advanced industrial capacity and the opportunity for SVG to position itself as a key hub for yachting and marine services in the Caribbean, with potential projects already under discussion for the Ottley Hall area and existing yachting zones.

    Finally, Taiwanese investors and officials have expressed enthusiasm for partnerships in agriculture and small-scale creative industries, with a focus on adding value to local production. In agriculture, Friday pointed to SVG’s existing smart agriculture and tissue culture laboratory project at Orange Hill, which has already drawn regional acclaim. Taiwanese stakeholders are eager to bring modern agricultural technology to SVG to boost productivity and profitability, especially for young people entering the sector. For creative industries, Friday said SVG can learn from Taiwan’s successful model of repurposing underused urban warehouse spaces into creative hubs that support artisans – from jewelry makers to craft workers – to turn traditional cultural skills into sustainable, profitable businesses.

    Across all sectors, Friday reaffirmed that his administration’s commitment to private sector-led growth, a key campaign pledge from his election, remains the central anchor of national economic policy. Given SVG’s ongoing tight fiscal constraints, the prime minister argued that private investment – both domestic and foreign – is the only realistic path to deliver large-scale development. Large commercial projects such as new hotels, he noted, are beyond the government’s current fiscal capacity, and it is not the proper role of the state to serve as the lead investor in such ventures. Instead, the Friday administration will focus on creating a supportive regulatory and policy environment, building required complementary infrastructure, and ensuring that local communities and domestic businesses capture tangible benefits from every foreign investment that enters the country.

  • BTL Chairman Lizarraga Faces Union Revolt Over Speednet Fallout

    BTL Chairman Lizarraga Faces Union Revolt Over Speednet Fallout

    On August 18, 2026, a growing public and labor movement crisis has erupted around Belize Telemedia Limited (BTL), one of Belize’s most critical utility providers, after the collapse of a planned acquisition of rival telecom firm Speednet. What began as a failed business deal has quickly evolved into a full-scale challenge to the leadership of BTL Chairman Markhelm Lizarraga, with the nation’s largest trade union bodies demanding his immediate ouster over allegations of compromised transparency and broken public trust.

    At a sharply worded press conference hosted by the National Trade Union Congress of Belize (NTUCB), union leaders across multiple worker organizations united in a vote of no confidence against Lizarraga. NTUCB President Ella Waight laid out the coalition’s core grievance, stating that the chairman had failed to meet basic standards of honesty, transparency, and open communication with both BTL employees and the general Belizean public. “Our position is based on a loss of confidence,” Waight emphasized, noting that widespread distrust has penetrated the company’s workforce and extended to the broader Belizean community.

    The Belize Communication Workers Union (BCWU), which represents 60 percent of BTL’s total employee base, echoed Waight’s condemnation. BCWU General Secretary Harrison August commended two BTL board members who had publicly rejected the acquisition deal, praising them for their courage to oppose the transaction. August argued that Lizarraga’s management of the acquisition process violated every standard of responsible leadership, pointing to a complete lack of timely information sharing, meaningful worker consultation, and good-faith engagement on a decision that directly impacts BTL staff and all Belizean consumers.

    The controversial Speednet acquisition was first pitched to the Belizean Cabinet by Lizarraga and BTL CEO Ivan Tesucum on August 11, 2026. At that time, the pair framed the deal as a strategically sound move that would deliver broad economic benefits to Belize’s telecom sector and lower costs for consumers. But following the deal’s collapse, critics have set aside debates over market logic to center their attacks on Lizarraga’s personal integrity.

    When pressed on allegations of compromised integrity earlier this month, Lizarraga pushed back, pointing to his five-year record of turning around BTL’s performance. “You will judge me by the works and the results of what we are trying to do,” he said in an August 11 appearance, dismissing the criticism as unfounded attacks on his tenure.

    But union leaders have refused to soften their stance, with Union Senator Glenfield Dennison raising the pressure by demanding that Lizarraga step down without any post-departure benefits. “He needs to do the honorable thing and resign and get no benefits,” Dennison stated, calling on Lizarraga to forfeit all pensions and severance payments upon his exit.

    As the conflict intensifies, all attention has shifted to the Belizean government, which holds the legal authority to appoint and remove BTL’s board chair. Prime Minister John Briceño now faces a critical decision: whether to uphold support for the embattled chairman or bow to growing public and labor pressure to remove him from office. This report was compiled from on-the-ground reporting by Paul Lopez of News Five.

  • NTUCB Gives Government Ninety-Day BTL Deadline

    NTUCB Gives Government Ninety-Day BTL Deadline

    Belize’s apex labor body, the National Trade Union Congress of Belize (NTUCB), has issued a formal 90-day ultimatum to the Briceño administration, demanding the immediate establishment of a tripartite decision-making framework at national telecommunications provider Belize Telemedia Limited (BTL). Under the proposed structure, both NTUCB, representing worker interests, and the Belize Chamber of Commerce and Industry (BCCI), as the voice of the employer community, would earn permanent seats at the table where key governance decisions are made.

    NTUCB President Ella Waight emphasized that this model of shared oversight is the only viable path to restore eroded public trust in the state-linked telecommunications company. Waight argued that as a publicly acknowledged Belizean-owned enterprise—an admission recently confirmed by BTL’s own chair—BTL has a fundamental obligation to center the voices of the people it serves in its leadership.

    “The people’s telecommunication company must include the people in BTL,” Waight stated in remarks delivered as part of the announcement. “In BTL it is said by the Chairman, it is finally admitted that the company is owned by Belizeans. Then we say workers and the Belizeans must have a meaningful voice in its governance. We therefore call for what has been established at many companies and boards, the tripartite structure at BTL. The timeline is ninety days. It can be done. It has been done at Social Security Board, the University of Belize Board. Many boards in this country. It allows for accountability, transparency and once we have BCCI, the employer’s representative, the workers’ representative, NTUCB, we know we can gain back trust in these organizations.”

    The tripartite governance model is not a new experiment in Belize’s public and quasi-public sectors, Waight noted, pointing to existing successful implementations at the country’s Social Security Board and University of Belize Board of Governors. These existing frameworks, she added, have already demonstrated the ability to strengthen institutional accountability and open up governance processes to broader input, proving the model can deliver the same benefits at BTL if implemented correctly.

    This report is adapted from a transcribed evening television news broadcast, with original Kriol-language remarks standardized to a consistent spelling system where applicable.

  • Export opportunities identified for small biz

    Export opportunities identified for small biz

    Barbados’ leading coalition for service sector businesses is sounding a clarion call to small and medium-sized enterprises (SMEs) and microbusinesses across the island, pointing to massive unrealized export potential waiting to be unlocked in neighboring Caribbean and broader Latin American markets. The assessment was delivered during a recent export preparedness workshop hosted at Pelican House on Harbour Road, where leaders from the business community and enterprise development specialists broke down the barriers and opportunities for local firms looking to expand beyond Barbados’ borders.

    Executive Director Michelle Smith-Mayers of the Barbados Coalition of Service Industries (BCSI) opened the discussion by noting that while a growing number of small local firms have begun dipping their toes into cross-border trade in recent years, the vast majority of the regional market remains largely unexplored by Barbadian operators. “We are seeing an upward trend in interest, and we already have a handful of small businesses successfully exporting their offerings,” Smith-Mayers told attendees. “But the entire Caribbean region is still an untapped, uncharted space for most of our enterprises.”

    Smith-Mayers emphasized that any business looking to enter overseas markets must first map out critical logistics strategies, from choosing distribution models—whether working with third-party distributors, selling directly to customers, or leveraging digital e-commerce platforms—to planning end-to-end delivery of their offerings. Among the most accessible pathways for new exporters, she singled out digital and service-based trade as particularly high-potential, calling it “low-hanging fruit” for local businesses thanks to its inherent portability.

    Unlike physical goods that require complex shipping, customs clearance, and international logistics networks, professional services ranging from accounting and legal consulting to graphic design and digital game development can be delivered entirely remotely from Barbados, allowing providers to serve international clients without ever leaving the island. Smith-Mayers also pointed out that many Barbadians are already unofficially exporting services through remote work for overseas companies, a trend that can be formalized and expanded to drive broader economic growth.

    Beyond the Caribbean, Smith-Mayers highlighted Latin America—specifically Panama—as an underrecognized growth market for Barbadian exporters. She noted that Barbadians already regularly travel to Panama to source inputs, clothing, and other goods for domestic resale, creating an existing trade flow that can be leveraged to reverse the dynamic: instead of only importing from the market, local businesses can begin exporting their own goods and services to Panamanian consumers and firms. “There is so much untapped potential for our small, medium, and microbusinesses right here in our own neighborhood,” she added.

    Byron Gibson, an enterprise development consultant with the Barbados Trust Fund Ltd, echoed the positive outlook on Barbados’ export potential, but offered a key note of caution for aspiring exporters. Gibson argued that while many local businesses already produce products that hold their own against international competitors in terms of quality and consumer appeal, having a competitive product does not equate to having an organization prepared for the demands of international trade.

    “Before a business can even think about entering an overseas market, the first step is a comprehensive internal evaluation to understand where the enterprise currently stands, what gaps it has, and what it needs to succeed,” Gibson explained. He noted that many Barbadian products already outperform international brands on local store shelves, proving their quality can compete globally. But, he stressed, “an internationally competitive product and an export-ready enterprise are two entirely separate things. We already have export-ready products in Barbados; what we need now are export-ready enterprises that can scale and support those products in cross-border markets.”

    Gibson added that businesses pursuing export opportunities must also put critical foundational structures in place, including robust intellectual property protection, standardized international contracts, and sufficient internal operational capacity to serve international customers consistently. Long-term export success, he concluded, depends on focusing equally on two core areas: building the firm’s ability to deliver on international demands, and ensuring business leaders have a clear understanding of exactly what is required to successfully enter and sustain operations in new overseas markets.

  • More barrels of oil for Guyana now that ExxonMobil has recouped expenses

    More barrels of oil for Guyana now that ExxonMobil has recouped expenses

    In a landmark announcement delivered at a press briefing on Tuesday, Guyanese President Irfaan Ali confirmed that ExxonMobil and its joint development partners have fully recouped nearly $40 billion in exploration and operational costs, clearing the way for the South American nation to dramatically increase its share of crude oil output from the Stabroek Block project.

    President Ali emphasized that the updated barrel allocation framework aligns fully with the terms of the original 2016 Production Sharing Agreement struck between the Guyanese government and the ExxonMobil-led consortium, which includes China National Offshore Oil Corporation and U.S. energy major Chevron. Under the original structure, 75% of every 100 barrels produced was reserved for cost recovery for the energy partners. With the remaining $5 billion in outstanding costs now fully cleared, that cost-recovery allocation has dropped sharply to just 20 barrels per 100 produced.

    The new allocation model leaves 80 barrels of every 100 to be split equally between Guyana and the consortium. Under the revised terms, Guyana will receive 39.8 barrels per 100 produced, with the same 39.8 barrels distributed across ExxonMobil and its co-venturers. This marks a transformative shift in revenue flow for the small Caribbean nation, which has seen its economic fortunes transformed by major offshore oil discoveries over the past decade.

    Earlier this year, ExxonMobil’s Guyana subsidiary announced that it had accelerated its cost recovery timeline, a shift driven by the recent sharp spike in global crude oil prices. Geopolitical tensions between the United States and Iran have sent benchmark oil prices soaring from roughly $45 per barrel to over $100 per barrel in recent months, boosting revenue for the consortium and allowing it to recoup expenses far faster than initially projected.

    Beyond the revised revenue split, President Ali also outlined updated production targets for the Stabroek Block. The project currently produces between 900,000 and 920,000 barrels of oil per day, and Ali confirmed that output is on track to hit 1 million barrels per day by the fourth quarter of 2026. That milestone will be reached following the arrival of the project’s fifth Floating Production, Storage and Offloading (FPSO) vessel, which is set to depart Singapore for Guyana later this month.