— 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 →
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GUYANA: OIL: Proper insurance coverage for oil spills – By GHK Lall
GHK Lall
Encouraging Events, Disturbing Developments… By GHK Lall
Feb 27, 2022 – Kaieteur News – It has to be disturbing to all Guyanese that both Exxon and Guyanese leaders continue to play footsie with prioritising full coverage insurance in the event of a disastrous oil spill. This was what one of the newer civic groups, well named as “A Fair Deal for Guyana; a Fair Deal for the Planet” made the centerpiece of their fight to get more protection and a better deal for Guyana.
I agree with the group and support its members in what I see as a necessary struggle to give the peace of mind of much-needed protections. I salute them for their courage and public outspokenness before a stubborn and vindictive PPP/C Government. They understand the risks, I know them firsthand. Continue reading →
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