The exploration and production of petroleum resources is characterized by high risk and liabilities for all parties involve in petroleum activities including the host government. The contractual arrangements among these parties (operators, contractors, and subcontractors) are often complex with huge variations in the allocation of risk in relation to matters such as injury, property damage, pollution, and financial loss. Due to the huge potential losses in petroleum operations, oil and gas companies are required by law to obtain adequate insurance to cover for all petroleum activities.
This session focuses on some insurance practices, evolving landscape of risk management, including emerging technologies, regulatory frameworks, and best practices to mitigate risks in the upstream petroleum industry.