With an average of 124,000 barrels of oil now being pumped daily offshore Guyana nearly two years since oil production started, there is still no agreement on oil spill insurance and government appears to have backpedal-ed from pressing for unlimited liability coverage to now setting for only about US$2 billion.
However, Vice President Bharrat Jagdeo on Monday told a press conference that the US$2 billion coverage being mulled was for the Exxon-led Yellowtail project, the fourth major development project, following Liza 1, Liza 2 and Payara.
“As you know, we are constantly seeking to improve the permits and so we have already, looking for the Yellowtail, we are looking for a generic position where the parent company, ExxonMobil will now guarantee,” Jagdeo said.
