ExxonMobil today said it was reviewing Wednesday’s court decision by Justice Sandil Kissoon which found the company in breach of its insurance obligations for its first oil project Liza 1, a decision that can have major ramifications for it.
A statement from ExxonMobil came following a request today by Stabroek News for a comment on the ruling.
“We are reviewing the court’s decision and evaluating potential next steps. However, it is disappointing that the court failed to appreciate and acknowledge the financial capabilities of ExxonMobil Guyana and its co-venturers to meet their obligations, the insurance we already have in place, and the progress towards agreeing to a guarantee that exceeds industry benchmarks.
“ExxonMobil Guyana and our Stabroek block co-venturers have adequate and appropriate insurance and proposed guarantees in an amount that exceeds industry precedents and an estimate of potential liability”, the statement said.
