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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.
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.
The Environmental Protection Agency (EPA) has instructed Esso Exploration and Production Guyana Limited (EEPGL), the operator of the Stabroek Block to train residents in specific Regions of the country to respond to an oil spill disaster.
The Environmental Protection Agency (EPA) in arguing against the need for an unlimited parent company guarantee submitted an unsigned insurance policy to the High Court on January 23, 2023, that would expire a week later.