* Historic development costs recouped two years earlier than

expected, CFO says

* Guyana and oil consortium to split remaining profit oil

evenly under contract terms

* Exxon will receive 100,000 bpd fewer in Q3, but free cash

flow will rise

By Sheila Dang

HOUSTON, July 31 (Reuters) - An ExxonMobil-led joint

venture has recovered the billions of dollars it invested to

develop a large oilfield in Guyana, its chief financial officer

told Reuters, and the South American country will now receive

more oil money.

Guyana's Stabroek Block, estimated to hold at least 11

billion barrels of oil equivalent, has become one of the top

assets of the U.S. oil producer's portfolio since its discovery

in 2015. Revenue from the field has made Guyana one of the

fastest-growing economies in the world, with the country now

producing more than 900,000 barrels per day.

The joint venture's production sharing contract (PSC) with

Guyana allowed Exxon and its partners to take up to 75% of the

oil to cover their exploration and development costs.

The accumulated $55 billion invested since 2014 has been

recouped about two years faster than expected because of the

rapid development of the block, Exxon Chief Financial Officer

Neil Hansen said in an interview.

"We brought these investments on at an unprecedented pace

and cost advantage," Hansen said.

Under the PSC, the consortium splits profit oil evenly with

Guyana after recovering costs. Exxon will now book about 100,000

fewer bpd from the country as it enters the third quarter, but

free cash flow will increase by 2030 to twice the level seen in

2025, he said.

Exxon operates the Stabroek Block with a 45% interest.

Chevron ( CVX ) holds a 30% stake in the block after acquiring

Hess Corp, the original partner in the consortium, and Chinese

oil firm CNOOC holds 25%.

The consortium's fifth and sixth projects in the Stabroek

Block - Uaru and Whiptail - are expected to begin oil production

this year and next year, respectively.

Guyana, with a population of about 1 million people, still

faces the challenge of diversifying its economy beyond

oil. While many local businesses have thrived, residents

continue to struggle with prolonged electricity blackouts and

ailing infrastructure.