Insurance coverage and project viability

Jul 25, 2022 Letters

Dear Editor,

The debate over unlimited insurance coverage in the event of an oil spill ignores the middle ground where cooperation between the two main parties is achievable. The discussion needs to consider what is possible, and be based on estimates of the cost of such coverage with their impact on the financial models of the projects being undertaken. Only an informed discussion will allow the National Assembly to make progress in improving the coverage needed for financial gains of the oil sector to be protected. Companies such as Exxon know what is needed and required to continue to do business in an environmentally responsible manner.

The case studies of the worst oil spills in our planet’s history will help inform the National Assembly of the protective measures that have been put in place to allow for environmentally responsible and profitable extraction of oil. As a Nation that is a part of the Amazon and the Guiana Shield, we must ensure that those operating in the oil sector are utilizing best in class safe guards to protect our environment. A substantial financial penalty and excellent insurance coverage will help ensure that our suppliers are significantly reducing the risk of their oil extraction operations.

Best regards,
Mr. Jamil Changlee
Chairman
The Cooperative Republicans of Guyana

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