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Exxon and partners earned US$5.8 billion in Guyana last year

Global oil companies earned billions from Guyanese operations last year.
 
Reuters reports that Exxon and its partners in the offshore Stabroek Block in Guyana made US$5.8 billion in 2022.
 
Exxon's individual share from the total was $2.74 billion, the Chinese state oil firm CNOOC took home $1.55 billion, and Hess Corp. got $1.53 billion.
 
Reuters says the the document containing the figures was released as part of an ongoing appeal against a court ruling, that found the consortium guilty of violating its insurance obligations regarding oil spills.
 
According to its contract with the government, the consortium must have insurance coverage to be able to pay all costs of a potential spill plus an unlimited guarantee provided by the lead partner, which is Exxon, that covers everything not covered by the insurance policy.
 
Yet a Guyanese court recently found that this guarantee is non-existent and, in the case of a spill, the Guyanese state would have to shoulder the burden of any costs not covered by the insurance policy. Exxon and its partners are appealing.
 


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