Latest update April 19th, 2024 12:59 AM
Mar 03, 2019 News
ExxonMobil’s subsidiary, Esso Exploration and Production Guyana Limited (EEPGL), was supposed to receive its permit for the Liza Phase Two Project on or before March 1, 2019. But Head of the Environmental Protection Agency (EPA), Dr. Vincent Adams, noted that this could not happen since there are still some issues with the company’s insurance policy.
It was only last week that EEPGL acquired and subsequently submitted to the EPA, an insurance policy to the tune of US$2.4B. But Dr. Adams said all the kinks have not been worked out.
He said, “I am not at liberty to release all the information where this is concerned as yet. But I have to clarify a few things with Exxon… You know, certain aspects of this policy that they provided to me are not clear and I need to call them in on this…That is all I can reveal to you at this point.”
While the EPA is focused on addressing the aforementioned issue, the Energy Department has initiated discussions with Central Bank to ensure oil companies comply with the nation’s laws on having a recognized insurance policy.
Making this known a few weeks ago was Energy Department Head, Dr. Mark Bynoe. He said that there will be no approval from the Department of Energy for companies to self insure.
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