New Insurance Regulations for Oil Companies

The cost of operating safely will be assumed by the oil companies working in Mexico.

Contracts that are signed for the second and third calls, require the acquisition of policies to ensure that activities in the petroleum industry are covered.

In the first contest of Petrolium Round One, the companies agreed that the insurance contracts shall include liability for damages to third parties in their property and persons, including environmental responsibility.

Also, in well control, damage to generated materials and staff.

In the second round, where you compete for five oil contracts in the shallow waters of the Gulf of Mexico, the same criteria was applied, but they included limitations on the amounts.

Before starting to drill wells, the contractor shall demonstrate that the coverages acquired for the concepts (liabilities and well control) add up to at least one billion dollars in insured amount per event or occurrence.

The minimum amounts required for the concepts described will be 700 and 300 million dollars respectively”, as designated in the contract model.

«In addition, the company’s contract must include coverages with possible hydrocarbon leaks with containment and well control systems.»

In contrast, the third call, considers 25 contracts for jobs on land and does not include these details.

Copyright : Reforma