Economy & Business - June 2023

GUYANA: Liza-1 faces key insurance dispute

Liza-1, the first offshore oil and gas production block operated by US oil giant ExxonMobil (45%) and partners US firm Hess (30%) and China’s China National Offshore Oil Corporation (CNOOC) (25%), has already begun transforming Guyana’s economy with the International Monetary Fund (IMF) estimating GDP will grow by a stratospheric 37.2% this year. But an unexpected dispute over catastrophe insurance coverage could put the boom on hold.

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