ExxonMobil says it is reviewing Wednesday’s court ruling 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.
“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 said in a statement in response to a request from Stabroek News for a comment on the ruling.