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The Government of Guyana (GoG) is awaiting a full report from its technical staff on whether the ramped-up production of oil in the Stabroek Block by ExxonMobil Guyana Limited (EMGL) constitutes a breach of the insurance and US$2B oil spill guarantee lodged by the Co-Venturers.
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.
The capacity of the guarantors utilized by ExxonMobil, Hess and CNOOC to provide the US$2B oil spill coverage in the event of a major disaster in the Stabroek Block is being questioned by Attorney-at-Law and Chartered Accountant, Christopher Ram.
The ramping up of oil production in the Stabroek Block by American oil major, ExxonMobil is not covered by the US$2 billion oil spill guarantee provided by the Co-Venturers.
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.