ExxonMobil Chairman and Chief Executive Officer, Darren Woods was unanimously reelected to the helm of the US Oil Major, with a mandate, according to him to grow supplies of affordable energy and products and reducing greenhouse gas emissions.
Since oil production commenced in the Stabroek Block in 2019, ExxonMobil Guyana Limited (EMGL) has been pushing the safety limits on each of the Floating Production Storage and Offloading (FPSO) vessels.
Senior Counsel Roysdale Forde believes that with the numerous concerns uncovered and being raised over 2016 Production Sharing Agreement (PSA) between ExxonMobil Guyana Limited (EMGL) and the Government of Guyana, including more recently, the lack of adequate insurance, the oil deals must be immediately revamped.
With production now at some 645,000 barrels per day (bpd) up from 98,000 bpd from its first full year of production, Guyana is now ranked as the third highest global supplier of crude outside of the established Oil Producing and Exporting Countries (OPEC).
Guyana, situated on South America's northern coast neighbouring Venezuela, Suriname, and Brazil, has emerged as a significant contributor to growth in the global supply of crude oil.
The latest oil and gas news, dedicated to all things oil and gas: people, technologies, transactions, trends, and macro-economic analysis that impact commodity prices.
From 2020 to 2023, Guyana's crude oil production grew by an average of 98,000 bpd annually, making it the third-fastest growing non-OPEC producer. This surge has driven substantial economic growth, with a 62.3% GDP increase in 2022, the highest globally, according to the IMF.
Chartered Accountant and Attorney-at-Law, Christopher Ram is warning that the insurance company can refuse to compensate the country for any damages as it knowingly allowed the operator to breach safe operating limits.