— Govt. finally buckles under pressure of two year protest …to now secure insurance from ExxonMobil for any Stabroek Block oil spill
March 26 – Kaieteur News – After two years of protest from citizens for full liability insurance coverage from oil giant ExxonMobil, in the unfortunate event of an oil spill in the country’s waters, Vice President Bharrat Jagdeo has finally come on record to assure that his administration is now working with the parent company to secure such guarantee. Jagdeo made the revelation on Thursday March 24, during an interview with one of the government’s communications specialist, Eddie Layne.
Since the startup of its oil operations in December 2019, ExxonMobil has evaded demands to provide insurance coverage, and instead tied its subsidiary, Esso Exploration and Production Guyana Limited (EEPGL) to providing this guarantee. It has been argued however that EEPGL, being a fairly new company, with assets worth only around US$5 billion, would not be able to effectively cover all costs associated with an oil spill in Guyana, should such an adverse event occur. Continue reading
EUROPE: ENERGY: Visualizing the EU’s Energy Dependency from Russia – Visual Capitalist
In response to Russia’s 2022 invasion of Ukraine, the U.S. and EU have imposed heavy sanctions aimed at crippling the Russian economy. However, these bold actions also come with some potentially messy complications: Russia is not only one of the world’s largest exporters of energy products, but it is also Europe’s biggest supplier of these fuels.
As of October 2021, Russia supplied 25% of all oil imported by the EU, which is three times more than the second-largest trade partner. Naturally, the policies and circumstances that have led to this dependency have been under major scrutiny in recent weeks.
To help you learn more, this infographic visualizes energy data from Eurostat. Continue reading →
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