Guyana's ExxonMobil ordered to lodge US$2B parent company guarantee within 10 days

The Guyana Court of Appeal has put on hold the suspension order issued against ExxonMobil Esso Exploration and Product Limited to cease operations until the hearing determination of the full appeal case.

In the interim, Judge Rishi Persaud today also ordered that the oil company provide a US$2 billion security deposit within the next 10 days, or the stay of the cease order will be lifted and the company's permit to conduct drilling activities within Guyana's lucrative Stabroek Block will be suspended.

The judge's decision comes days after the Environmental Protection Agency, joined by the oil subsidiary, approached the appeal court seeking a stay of the order to suspend ExxonMobil's permit to operate for failing to provide a parent company guarantee that will safeguard Guyana against the dangers of an oil spill.

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