What is the PPP/C Govt. really doing about full coverage insurance?

Feb 28, 2022 Editorial

Kaieteur News – There is a certain way of behaving that has taken hold here with leaders in this government, whenever there is some sensitive or hotly disputed issue involved. In this instance, the issue is full insurance coverage for Guyana in the event of an oil spill at Exxon’s offshore operations. What we have noticed is that there is balking, then dodging, and last complete public distancing from the matter, which is being done by both the President and Vice President of Guyana. As this seriously concerning matter of full insurance coverage stands currently, it is now the local Environmental Protection Agency (EPA) that is responsible for dealing with the required coverage. It is as if the Vice President, Guyana’s self-anointed best oil brain, has handed the hottest of hot potatoes to the clueless and helpless EPA for the pretense of action that is bound to yield nothing favourable to Guyana’s interests.
Into this worrying mix, now comes the former Executive Director of Guyana’s EPA, Dr. Vincent Adams, who was dismissed from that pivotal protective post under the flimsiest of disguises. He was a political appointment. However, what is coming to light today is that it was the excuse and farce under which a well-qualified Guyanese for the role of local EPA head, was terminated. The real reason for Adams’ firing were that Government leaders had in mind what was and is treacherous to Guyana and which they are still compelled by Exxon to follow now.
According to a revealing writing from Dr. Adams to this publication, the preliminaries for full insurance coverage were worked out to some satisfaction, and actually finalised in writing. The precise words of Dr. Adams are that “Exxon did agree in writing, to have full liability coverage and we were close to celebrating ‘mission accomplished’ when at the last moment, in August 2020, defeat was snatched from the jaws of victory by the incoming PPP/C government, when they inexplicably stopped finalisation of the EPA/Exxon Agreement to realise this full liability coverage.”
It is beyond belief that Guyana had Exxon where it wanted it, but then for reasons still up in the air, let the company off the hook. It is still more mystifying that the man, as claimed by Dr. Adams, who issued the permit for Liza 1 is none other than the current head of the EPA, Mr. Khemraj Parsram, and the executive in whose hands the demands of the hard and heavy work to obtain full insurance coverage now rests. This is not comforting at all, given his record of caving-in to the dictates of either PPP/C Government leaders, or those of Exxon, against whom he is clearly overmatched and underachieving.
Of interest to Guyanese watching this unfold, is the assertion by Dr. Adams that Exxon, after initially delaying for months on end, finally came up with a US$2.5 billion insurance offer for Guyana. This was quickly and flatly turned down, because of its failure to match up with what was going on with the Macondo spill (BP’s) in the Gulf of Mexico, which was “costing approximately US$70 billion. In short, the US$2.5 billion that Exxon was putting on the table was unrealistic to the point of being meaningless in the event of a serious oil spill here.
As presented by the former EPA chief, the Liza 2 permit was issued “to maintain confidence in their investors, while affording time for the parent companies to agree upon how they will share the liabilities.” Based on subsequent developments, it is now crystal clear that that was the worst of deceptions by Exxon and its partners. Because what was worked out, most likely with the full connivance of leaders in the PPP/C Government, was the ouster of Dr. Adams, thus removing a bone from the throat of Exxon and its plans.
We now have what we have with full insurance coverage from Exxon that Guyana’s gutless PPP/C Government leaders conspired with Exxon to hang over Guyana. It is nothing, since that US$2.5 billion could mean nothing should a severe spill occur. Guyana had Exxon on the ropes with insurance, and then let it go. The President and Vice President must give Guyana a full explanation of why this happened.

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What is the PPP/C Govt. really doing about full coverage insurance?

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