Could Guyana’s Exxon ruling scare big oil off risky exploration?

Ruling requiring ‘unlimited guarantee’ from oil firms to cover costs of spills could change offshore drilling throughout region

A ruling from Guyana’s high court could change the face of offshore oil drilling throughout the Caribbean, according to financial and legal analysts.

The ruling ordered the country’s Environmental Protection Agency (EPA) to require an independent liability insurance policy from Esso Exploration and Production Guyana Limited (EEPGL) and an “unlimited guarantee” from its parent company, ExxonMobil, in the case of any damage caused by the company’s oil and gas development in the country.