In the wake of the BP oil disaster, more than 50 U.S. and other environmentally active global investors sent letters to major energy companies asking them to disclose information on their spill prevention and response plans for their offshore oil operations around the world. The investors also asked 26 insurers about whether they plan to limit their exposure to offshore drilling.
The letters, sent to CEOs at 27 oil and gas companies, were signed by 58 global investors including the New York State Comptroller and California State Treasurer. Recipients included the three largest deepwater oil producers: Petrobras, ExxonMobil and Royal Dutch Shell.
“Investors are rightly raising questions about whether and how the rest of the oil industry is prepared to manage the risks associated with the industry’s move toward increasingly extreme water depths and operating conditions to find oil,” said Andrew Logan, oil program director at Ceres, a network of investors and environmental groups which helped organize the investor letters.
Insurers were asked if they are considering adjustments to their overall exposure to offshore oil and gas operations, including possible changes in policy volume or underwriting criteria, and if they supported regulations that would reduce offshore drilling risks.
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