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ExxonMobil and its co-venturers could lose at least US$350 million monthly in revenues if the Court of Appeal does not later this month suspend High Court order
A comprehensive analysis published yesterday by British daily newspaper, The Guardian, noted that ExxonMobil Corporation’s stock price dropped by more than US$10 following the landmark ruling by Justice Sandil Kissoon ordering the oil giant to provide Guyana with an unlimited parent guarantee for oil spills. In the article authored by award winning journalist and podcaster, Amy Westervelt, she said the nearly 12 percent decline occurred in just a matter of two weeks.
Former Minister of Communities, Ronald Bulkan, has condemned the move by the Environmental Protection Agency (EPA) to appeal the recent ruling by High Court Judge Sandil Kissoon regarding oil spill insurance and the parent company guarantee by ExxonMobil, calling it a “shameful” and “anti-national” appeal of the “powerful” ruling.
The Environmental Protection Agency (EPA) on Thursday issued a press release saying that it is confident of being successful in its appeal to the court’s ruling which ordered that ExxonMobil Guyana parent company cover all costs for an oil disaster at its Liza Phase One drilling project offshore Guyana.
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Guyana's environmental regulator on Tuesday appealed a court decision that last week declared that the agency and Exxon Mobil unit breached oil-spill insurance obligations for the company's first offshore project in the country.