Cable failure is costing millions per case, while larger turbines mean larger risks for insurers.
The report finds that coverage for the oil blocks would be “prohibitively expensive” for any winning companies. Congo lacks the capacity domestically to provide insurance.
Parametric insurance addresses these challenges by enhancing investment certainty and facilitating cash flow, whilst protecting against the broadest range of potential perils.
The UK set out how it plans to deter oil traders from cheating on a global plan to cap the price of Russian petroleum.
Just as insurers have fled the coal industry, so are they coming under pressure to turn against oil and gas projects.
Malaysian driller Velesto Energy is back in the black after reporting a net profit of RM16.27 million ($3.88 million) for the second quarter following an insurance payout related to the sunken jack-up drilling rig NAGA 7.
Velesto Energy’s NAGA (dragon) 7 jack-up drilling rig that sunk offshore Malaysia last month while under contract to ConocoPhillips will be abandoned.
Higher insurance premiums for maritime work in the Indian Ocean is out of step with reality, according to Dryad Global’s annual report.
Oil tanker owners face spiraling insurance costs to load cargoes from the world’s largest crude-export region after the latest round of attacks on vessels.