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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.
ExxonMobil Guyana Limited (EMGL) has expended US$617M on the 12-inch natural gas pipeline to date.
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.
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A Guyana appellate judge on Wednesday delayed a decision on a request by the country's environmental agency to stay a lower-court's ruling requiring a consortium led by Exxon Mobil to provide more liability coverage for an offshore oil platform.