ExxonMobil has insured its eight-well Stabroek Block exploration campaign for the period February 2024 to February 2025, in conjunction with its Stabroek Block partners, Hess and CNOOC.
The contract of insurance, published in Guyana’s Official Gazette, sets a limit of US$100 million coverage related to any one accident or occurrence in respect of Third-Party Liability. It also sets a limit of US$500 million coverage for any one accident or occurrence in respect of Operators Extra Expense.
The insurance coverage is provided by Aon UK Limited and is governed in accordance with the laws of England and Wales.
The premiums payable under the policy are calculated in respect of eight exploration and appraisal wells, namely Redmouth-1, Lau Lau-2. Hatchetfish-1, Haimara-3, Haimara-4, Trumpetfish-1, Bluefin-1, and an eight well that is likely to be Redmouth-2 but still undetermined. Exxon already conducted drilling at Hatchetfish-1 and Bluefin-1, with a discovery announced at the latter well in March.
April notices from Guyana’s Maritime Administration Department indicated that ExxonMobil is focused on the Trumpetfish-1 and Redmouth-1 wells.
Exxon is expected to focus on gas appraisals later this year at Haimara-3 and Haimara-4.
ExxonMobil operates the Stabroek Block with a 45% stake, while Hess owns 30% and CNOOC owns 25%.
