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Insurers Flock to Oil Projects Outside the Middle East
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OilPrice.com Daily News Update
Global insurers had just shaken off the ESG push from earlier this decade when the Middle East conflict upended oil and gas upstream project coverage.
Five months of uncertainties about new oil and gas projects in the Middle East have prompted insurance giants to turn to underwriting drilling and project construction ventures outside the prolific but highly volatile region.
Insurers are slashing premiums on upstream energy insurance for projects not depending on the on-and-off closed Strait of Hormuz and other chokepoints in the Middle East.
Insurers Compete for Underwriting Projects Outside Middle EastPremiums for upstream energy insurance outside the Middle East have tumbled by about 25% year to date, insurance brokers told the Financial Times.
Companies are also increasingly looking at shale opportunities outside the U.S., with Argentina, China, Turkey, and Australia drawing interest for potential development of onshore resources far away from the Middle East.