By Kemol King

GEORGETOWN, Feb 28 (Reuters) - A consortium led by U.S.

major Exxon Mobil ( XOM ) in Guyana had recovered at the end of

January $33.9 billion of the $41.1 billion it has spent at its

massive Stabroek offshore block, the country's Vice President,

Bharrat Jagdeo, told Reuters.

Since it first found oil in Guyana a decade ago, the

Exxon-led group has rapidly developed resources in the tiny

South American country, inaugurating crude output in 2019 to

surpass 600,000 barrels per day (bpd) last year.

The consortium, which controls all output in the

country, can take and export up to 75% of the crude it produces

as "cost oil," according to the cost recovery mechanism included

in its production sharing agreement. Guyana's government is

entitled to half of the remaining barrels.

The figure explained by the Vice President includes the

consortium's spending to explore more than 30 wells at the

block, and the development of six oil and gas projects approved

by the government.

Guyana reviews those expenses, but several audits remain

unfinished.

As the consortium progresses towards the approval and

development of new projects - it is currently planning its

eighth project, Longtail - more costs will be added to the

entire block. But the companies also are recovering at a faster

rate every year due to the velocity of the production increase.

The Guyanese government expects its share of profit oil

to rise in coming years, government officials have said.