Exxon Narrowly Avoids Oil Production Halt In Guyana ...Middle East

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Exxon Narrowly Avoids Oil Production Halt In Guyana
source : OILPRICE ( Middle East ) () 36
An appeals court has suspended an order issued by a lower court that could have seen supermajor Exxon lose its license to operate the Liza-1 offshore well that yields about half of the country’s oil output. According to its contract with the Guyanese government, the consortium that operates the Liza-1 well and explores in the whole Stabroek block, must have insurance cover to be able to pay all costs of a potential spill plus an unlimited guarantee provided by the lead partner, which is Exxon, that covers everything not covered by the insurance…

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