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Operating Phase – an overview

Posted by on Dec 17, 2014 in General, Insurance | 0 comments

Operating Phase – an overview

Once the construction phase has finished and the project is operational the CAR insurance will come to an end and operational insurance must be purchased. There is no standard wording for operational insurance in the offshore energy industry, but it is common to purchase a package policy combining all risks cover for property damage, control of well insurance, general liabilities and business interruption. Frequent issues Interface with CAR Insurance – When a loss occurs soon after an operating policy commences it will be important to see whether the operational or the construction policy will respond. CAR policies, including WELCAR, have a maintenance period...

A golden future for solar energy?

Posted by and Matt Pearson on Dec 11, 2014 in General | 0 comments

A golden future for solar energy?

Introduction: IMIA have recently released an interesting new study on Solar Energy following their conference in September. The idea of harnessing power from the sun is not new, but new technologies are starting to realise the potential on a commercial scale. In January 2007, the EU outlined a long-term strategy for a 20% share of energy consumption to be from renewable energies. The high cost of solar power technology means that it is necessary for governments to subsidise the industry to meet climate change targets. The industry’s biggest challenge, to become commercially viable, lies in future developments of solar technology. The International Energy Agency...

Offshore construction – an overview

Posted by on Oct 30, 2014 in Insurance | 0 comments

Offshore construction – an overview

The construction phase of any project carries with it considerable risk and expense, even more so when it is offshore. The Construction All Risks (CAR) wordings used in the offshore market have developed to take account of the particular risks associated with such projects and to ensure that all parties, including contractors and subcontractors, are adequately protected. A CAR policy may range in scope from a single pipeline installation right through to the construction of a complete offshore field. For larger operators it is not uncommon for an annual CAR policy to be issued covering all construction activities performed in that period. Although such policies are...

Kurdish energy in the face of unrest

Posted by and co-authored by Robert King on Oct 16, 2014 in Exploration and Production, Middle East | 0 comments

Kurdish energy in the face of unrest

Global oil demand is on the rise. OPEC predicts that by 2035 the world’s primary energy needs will have increased by 54% and that the price of oil will have risen to $155 per barrel. Kurdistan, particularly Iraqi Kurdistan, is primed to benefit from this increase in demand. At the beginning of 2014 OPEC estimated that Iraq is the world’s fourth largest country by share of world crude oil reserves at 12%. Further, recent infrastructure investment in the region has increased access to these reserves. In 2013, the Kurdistan Regional Government of Iraq completed a pipeline from the Taq Taq oil field to Faysh Khabur on the Turkey-Iraqi border, which connects to...

Milestone reached for UK tidal power

Posted by on Oct 16, 2014 in Exploration and Production, Insurance | 0 comments

Milestone reached for UK tidal power

The recent unveiling of a full-scale tidal power generator in Ramsey Sound, Wales, is being heralded as an important milestone in the development of tidal power as an alternative renewable energy resource in the UK. The underwater turbine in Ramsey Sound will run for a 12-month trial, with energy produced powering homes in St David’s. The project has been developed by Tidal Energy Ltd and supported with £8 million of EU funding, matched by majority shareholder Eco2 Ltd. The underwater turbine is a 150-tonne, 400kW demonstration device, built by Mustang Marine, and will generate energy from tidal currents on the sea bed. It has been credited as representing...

The Exploratory and Development Stage – an overview

Posted by on Oct 9, 2014 in Exploration and Production, Insurance | 0 comments

The Exploratory and Development Stage – an overview

In conjunction with our “know-how” guides on key aspects of insurance law [see our Claims-Handling checklist], we are publishing short overviews on the types of insurance cover available in the offshore energy market, and outlining some of the common issues that arise. We hope these guides willl be useful both to insurers who are new to the market and contractors/ operators looking for guidance on the types of covers available. Starting at the beginning of the oil and gas production process, we have compiled a quick reference guide on the exploration and development stage. Despite developments such as managed pressure drilling and improved supervision,...

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