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Citizens call on Govt to secure full coverage insurance for oil & gas sector
By Renay Sambach
Insurance plays an important part in the lives of many. To avoid putting yourself in debt and to safeguard one’s self, most people ensure they secure insurance for themselves and loved ones. It is against this background that citizens are questioning the wisdom of the government in approving new oil fields for ExxonMobil and its partners without first securing full-coverage insurance to protect the country in the oil and gas sector.
Just recently, the American oil giant, ExxonMobil Corporation, announced that it has commenced oil production at Guyana’s second offshore development area called Liza Phase Two in the Stabroek Block. However, Guyana does not have full coverage insurance from the companies operating in its backyard.
This article carries the comments/views of a canter driver, Chairman of the Private Sector Commission (PSC), University of Guyana (UG) student, President of the Georgetown Chambers of Commerce and Industry’s (GCCI) and a journalist.
Canter driver, Codbert Archer
Canter driver, Codbert Archer: “I believe the country should have full coverage insurance. The reason why I feel they don’t want to have full coverage insurance or don’t concern is because they can always hop on a plane and go foreign,” Mr. Archer said. “The first thing I would ask my leader is if he has insurance and if he has one for himself and his properties then why he doesn’t want one for Guyana, when he has full coverage insurance for himself alone, why not full coverage insurance for Guyana,” he added. “If you don’t have insurance for your canter you are looking to gift someone your canter if you crash it or anything and have expenses to pay all depends on the extent of the damages,” Archer said.
Timothy Tucker, President of Georgetown Chambers of Commerce and Industry’s (GCCI)
“Of course I think they should have insurance and we need that urgently. Like everything else we do in life, insurance is great to have, whether it is life, health etc.,” Tucker said. He added, that insurance is vital to protect and safeguard from danger and accidents. “As Guyana increases its development having more FPSOs and new discovery, it is vitally important for Guyana to have full coverage insurance. I would definitely like to see full coverage insurance,” Tucker said, in the event of an oil spill.
Tucker acknowledged that GCCI has not done anything as yet, in terms of making any efforts or calling on the government to secure full coverage insurance – but noted that their main focus right now is pushing for local businesses to get a piece of the pie with the passage of the Local Content Law.
Nathan Prince, University of Guyana Student
“When it comes to the situation with oil insurance, right, everyone knows that when you have certain commodities of a very large value, right? It’s a wise decision to have insurance on that just in case something unfortunate happens you have coverage, and finance to offset expenses, would be very easy. Guyanese are well aware of potential danger the oil industry can have on Guyana, especially on small, inexperienced country like Guyana. So I am very surprised that this is even an issue right now. Exxon should be obligated to give Guyanese some sort of reassurance that they do care about the country, that they do care about the wellbeing of Guyanese and even their workers onboard,” Prince said. “So this whole issue with full coverage insurance I feel with more outcries from the public, people actually would have to put pressure on the government.”
Paul Cheong, President of Private Sector Commission (PSC)
“It is always good to have insurance. In the event of something happening insurance would be a great asset.”
Shervin Mendonca, journalist
“For me Guyana not having full coverage insurance is something that can only be described as a disaster. For example, if I have a car and I don’t have insurance for my car, if something happens, I would not be given back the money that I spent for the car and I lose all the money I spent plus have to offset other expenses. So without full coverage insurance Guyana is very much in a bad situation because of the consequences that come with an oil spill. How are we going to pay back the people that are affected and countries that are affected? Likewise if the oil spill goes to Trinidad and other neighbouring countries they are going to make claims and an oil spill is billions of dollars of expense to clean up,” Mendonca noted.
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