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An Exxon spokesperson said the contract is “globally competitive for countries at a similar stage of exploration†and said Guyana is averaging $1 billion a year in “oil profits.â€
Exxon has also faced a number of lawsuits over its potential environmental impact, many filed by Melinda Janki, a Guyanese international lawyer, who drafted the country’s Environmental Protection Act back in the 1990s.
A big victory for Guyana’s people and environment came in 2023, when the court ruled Exxon should have unlimited liability for the costs of any oil spill. Exxon has since appealed the ruling and has posted a $2 billion guarantee while it awaits the appeal outcome.
Exxon said this commitment supplements “its robust balance sheets … and the insurance policies they already had in place.†Janki says this isn’t enough. Offshore oil spills can be extremely expensive to deal with, the 2010 Deepwater Horizon spill cost nearly $70 billion to clean up.
The push and pull between those who say oil offers Guyana a brighter future and those who fear the industry’s impact will continue.
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