Petroleum Operations Insurance
OIC JSC has an extensive experience in the field of insurance of oil producing companies’ risks. The Company has the ability to transfer risks to robust international reinsurance organizations. Insurance in OIC JSC allows to compensate for costs associated with recovery, snuffing, re-drilling and other operations to recover operation of wells. Additionally, extended risks may be insured associated with operating activities of oil companies. OIC JSC provides risks insurance services to oil companies in accordance with the requirements of the Ministry of Oil and Gas of the Republic of Kazakhstan for subsoil users.
Applicability of petroleum risks insurance
In order to compensate for their possible losses in the event of well out of control and to have the means to regain control of the well, as well as to cover:
- costs associated with emergency well killing;
- costs associated with blow-out zone cleaning and blow-out effects. In this case, operators/owners of wells are strictly liable for environmental pollution;
- losses from well re-drilling at the same depth as before blow-out, which can cost twice as much as initial drilling.
The greatest damage that can be caused in the operation of oil, gas and water wells is connected to well processes going out of control and from blow-out of unplanned flow of mud, oil, gas or water to the surface or the bottom.
Advantages of insurance with OIC JSC.
- Extensive experience in the field of energy risks insurance;
- Obligatory reinsurance contract for the amount of up to USD 20 million helps to ensure timely and adequate payments even in cases of severe (catastrophic) losses;
- Many years’ experience in the field of energy industry insurance and cooperation with major oil companies.
How to make an order?
Our specialists will prepare an individual insurance program that takes into account your budget, objectives and business specifics.
To do this, please contact us at: +7 (727) 258-18-00 ext. 1063 and mobile: + 7701 737 70 72 or leave us your contact details and describe the insurance your organization wants, and OIC Corporate Insurance officers will contact you. Email address for communications: email@example.com
Helps compensate the costs associated with recovery, snuffing, re-drilling and other operations related to recovery of well operation.
- well control costs;
- spillage and contamination of the drilling territory;
- evacuation costs;
- ensuring well safety;
- underground blowout;
- relief well drilling;
- equipment in possession, custody or under control (property of third parties).
- stuck pipe incident;
- formation fluids inter-stratal migration;
- accidents during geophysical and well-blasting operations;
- absorption of drill mud and/or cement mortar;
- casing leaks;
- accidents with drill stem components;
- accident with rock cutting tools;
- fall of foreign objects into well;
- downfall of drilling rig or of its components.
The rate is established depending on conditions of the insurance contract, the amount of deductible, well type, number of risks, well depth and other factors.
We are willing to consider additional coverage of geological complications risk.