{"id":6688,"date":"2016-07-04T17:38:53","date_gmt":"2016-07-04T22:38:53","guid":{"rendered":"http:\/\/nrgibroker.com\/?p=6688"},"modified":"2016-08-21T14:24:32","modified_gmt":"2016-08-21T19:24:32","slug":"best-practices-in-insurance-shape-the-new-oil-industry-interview-in-mexico-oil-gas-review-2016","status":"publish","type":"post","link":"https:\/\/nrgibroker.com\/en\/best-practices-in-insurance-shape-the-new-oil-industry-interview-in-mexico-oil-gas-review-2016\/","title":{"rendered":"BEST PRACTICES IN INSURANCE SHAPE THE NEW OIL INDUSTRY \/ INTERVIEW IN MEXICO OIL & GAS REVIEW 2016"},"content":{"rendered":"

GRACIELA \u00c1LVAREZ\u00a0HOTH<\/span><\/h3>\n

CEO of NRGI Broker<\/span><\/h3>\n

The country is developing in a new direction, so it only\u00a0makes sense for companies to align themselves with\u00a0this new phase. This was exactly the motivation behind\u00a0Grupo Vitesse\u2019s decision to create a specialized Energy\u00a0Insurance Broker “NRGI Broker.” With\u00a0over 25 years of\u00a0acquired experience from PEMEX\u2019s marine operations,\u00a0the company has now chosen to reinvent itself in line with\u00a0the new trends in onshore production and gas pipelines.\u00a0The experience present in NRGI Broker dates back to the\u00a0days when\u00a0Cantarell was booming and the company has\u00a0contributed in an active way by attracting international\u00a0market leaders to the country.<\/span><\/h3>\n

The importance of a guide to help companies comply\u00a0with the new Mexican procedures implemented by the\u00a0Energy Reform is often overlooked, according to Graciela\u00a0\u00c1lvarez Hoth, the company\u2019s CEO. She explains that, before\u00a0the reforms, PEMEX provided\u00a0its contractors with wide\u00a0coverages, so their only concern was the deductible, and as a\u00a0result, clients became accustomed to the buffer that PEMEX\u00a0represented. \u201cNow, most of the companies are no longer\u00a0contractors and have become operators, and naturally\u00a0they\u00a0need a broader experience in negotiating administrative\u00a0hurdles with the authorities,\u201d \u00c1lvarez explains.<\/span><\/h3>\n

NRGI Broker takes a proactive approach to the new\u00a0regulations, allocating time to dialogues with risk managers\u00a0to discuss the new market rules that will be launched, even\u00a0if these have not yet been released. \u201cOver the past year we\u00a0have closely worked with the\u00a0regulatory agencies in order\u00a0to participate in the processes of issuing regulations that\u00a0are new to the country,\u201d \u00c1lvarez Hoth asserts. By becoming\u00a0part of this group, she is confident that NRGI Broker can\u00a0provide clients with integral and adequate solutions. \u201cIn\u00a0this way, we can inform the regulators of global trends, and\u00a0analyze how we can apply this information to Mexican laws\u00a0and norms,\u201d she suggests.<\/span><\/h3>\n

Accidents are unavoidable, but despite the fact that this\u00a0constitutes a core part of NRGI Broker\u2019s business, the\u00a0company takes measures to mitigate risks. \u201cWhen the\u00a0insurance sector works with the regulatory agency as<\/span><\/h3>\n

a team, everyone\u2019s experiences are enriched because\u00a0every participant has something to offer,\u201d expresses\u00a0\u00c1lvarez Hoth. Guidelines are currently being established\u00a0that will require operators to conform to certain security\u00a0regulations involving studies that have\u00a0to be carried out\u00a0before initiating production, with the objective of ensuring\u00a0production is as safe as possible.<\/span><\/h3>\n

\u201cDue to the low oil price, the insurance sector is working\u00a0in a soft market where there is plenty of capacity and few\u00a0players due to companies that are unwilling to lose money\u00a0having shut down their activities, which has generated\u00a0an appetite and a surplus that\u00a0has not been seen in the\u00a0last 15 years,\u201d \u00c1lvarez Hoth continues. This will allow new\u00a0operators in Mexico access to a wide variety of coverage\u00a0at extremely competitive prices.<\/span><\/h3>\n

Providing insurance for new deepwater projects will not\u00a0be without its challenges, assures \u00c1lvarez Hoth, but she\u00a0does not expect these to overwhelm NRGI Broker. \u201cAt the\u00a0end of the day, insurance companies are more worried\u00a0about onshore platforms than\u00a0offshore platforms because\u00a0onshore activity in Mexican territory entails various factors\u00a0that can affect operations,\u201d she points out. Dealing with\u00a0social aspects is difficult and the onshore segment will\u00a0require a gradual learning process because operations will\u00a0vary greatly across regions. On the other hand, offshore\u00a0operations are identical all over the world, and although\u00a0some regions like the North Sea present higher risks due to\u00a0the tides. From this perspective, the Gulf of Mexico presents\u00a0relatively low risks.\u00a0Deepwater operations are relatively\u00a0expensive but the players are also bigger, and \u00c1lvarez Hoth\u00a0predicts that companies like Shell and Exxon will enter\u00a0the market when it makes sense for them from a financial\u00a0perspective. \u201cThese operators will enter with\u00a0international\u00a0sophistication and experience from working in places with\u00a0varying levels of infrastructure,\u201d according to \u00c1lvarez Hoth.\u00a0\u201cThe goal is to keep track of the country\u2019s obstacles while\u00a0keeping in mind that these types of situations have already\u00a0been\u00a0encountered in other parts of the world.\u201d<\/span><\/h3>\n

Due to NRGI Broker\u2019s breadth of experience in helping\u00a0companies enter new markets, \u00c1lvarez Hoth believes\u00a0that the company is uniquely positioned to welcome new\u00a0players that will be attracted by the Energy Reforms.\u00a0\u201cNRGI Broker can offer these players an\u00a0advisor that can\u00a0speak their language and that deeply understand the\u00a0country, including its laws and regulations in insurance and\u00a0surety topics,\u201d she argues.<\/span><\/h3>\n

\u00a0\"foto<\/a><\/h3>\n

Oil and Gas Review<\/a><\/span><\/h3>\n","protected":false},"excerpt":{"rendered":"

GRACIELA \u00c1LVAREZ\u00a0HOTH CEO of NRGI Broker The country is developing in a new direction, so it only\u00a0makes sense for companies to align themselves with\u00a0this new phase. This was exactly the motivation behind\u00a0Grupo Vitesse\u2019s decision to create a specialized Energy\u00a0Insurance Broker “NRGI Broker.” With\u00a0over 25 years of\u00a0acquired experience from PEMEX\u2019s marine operations,\u00a0the company has now chosen […]<\/p>\n","protected":false},"author":1,"featured_media":6691,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1017],"tags":[320,456,270,912,913],"class_list":["post-6688","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-hidrocarburos","tag-insurance","tag-nrgi","tag-oil-and-gas-review","tag-seguros-de-control-de-pozos"],"_links":{"self":[{"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/posts\/6688","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/comments?post=6688"}],"version-history":[{"count":0,"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/posts\/6688\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/media\/6691"}],"wp:attachment":[{"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/media?parent=6688"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/categories?post=6688"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/tags?post=6688"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}