google.com, pub-9591068673925608, DIRECT, f08c47fec0942fa0 Upstream Oil and Gas Insurance Claim Reaches US$ 48 Billion - MEDIA MONITORING OIL AND GAS -->

Upstream Oil and Gas Insurance Claim Reaches US$ 48 Billion

    Claims paid by insurance consortiums for upstream oil and gas projects carried out by Cooperation Contract Contractors (KKKS) include industrial assets, wells and LNG assets, reaching around US$ 48 billion. In the future, the claim value is expected to increase in line with the improvement in the upstream oil and gas industry triggered by the increase in world crude oil prices.

"Our consortium (Jasindo being the leader) has provided protection for 128 off-shore and on-shore oil and gas blocks. This is a lot, and Alhamdulillah we can carry out our role to protect it very well," said Director of Strategic Business of PT Asuransi Jasa Indonesia (Jasindo), Syah Amandaris in a webinar entitled The Role of Insurance in Supporting Upstream Oil and Gas Activities.

    According to him, the insurance consortium has done a good job of providing protection in every project run by the Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas) or Cooperation Contract Contractors (KKKS).

"Several incidents that occurred in upstream oil and gas projects have made claims payments to project owners so that the losses experienced can be reduced," he said.

    Meanwhile, the claim value paid by the Insurance Consortium for SKK Migas and KKKS construction projects reached around US$ 524.16 million. He explained that from 2010 to 2021, the consortium, which is also led by PT Jasindo, has paid 121 claims for both assets and construction.

“If the number of claims is detailed, it consists of 97 claims for assets with a value of USD323.32 million. The remaining 24 claims are for construction projects with a value of US$ 200.83 million,” he said.

Blogger Agus Purnomo in SKK Migas

“We consortium play an important role in upstream oil and gas projects. It is conceivable that if the project is not insured, the cost incurred by the state through SKK Migas or KKKS is when undesirable things happen," he added.

    Furthermore, he said, from his experience in handling claims on upstream oil and gas projects, there are three examples of megaprojects whose insurance claims were successfully paid due to interruptions during project execution.

“The first is the Eni Muara Bakau BV offshore project – Jangkrik Gas Field Development Project in 2014 with a claim value of US$ 2.53 billion. Then BP Berau Ltd's offshore and onshore project – LNG Train 3 Tangguh Expansion Project in 2017 with a value of US$ 450 million (offshore) and US$2.5 billion (onshore),” he said.


"Then the onshore project PT Pertamina EP Cepu (PEPC) - Jambaran Tiung Biru Gas Unitization Project with a claim value of US $ 860.87 million in 2017 ago," Aris.

Investor Daily, Page-10, Thursday, July 15, 2021

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