energy industry News

Hurricane Laura Expected to Slam Energy Coast; On Track for $5-12B in Losses

Hurricane Laura is poised to strengthen rapidly and come ashore along the Texas-Louisiana coast as a tree-snapping Category 3 storm, forcing residents to flee their homes despite the threat of Covid-19. Laura’s winds will likely peak at 115 miles (185 …

Millions of Abandoned Oil and Gas Wells Pose Environmental, Health Risks

In May 2012, Hanson and Michael Rowe noticed an overpowering smell, like rotten eggs, seeping from an abandoned gas well on their land in Kentucky. The fumes made the retired couple feel nauseous, dizzy, and short of breath. Regulators responding …

Oil & Gas Companies Seek More D&O Insurance as Bankruptcies Loom

The U.S. oil and gas industry is paying a hefty price to protect its top brass against potential bankruptcy and investor lawsuits. Oil companies are shelling out as much as 75% more to renew insurance liability coverage for directors and …

As Demand Sinks Amid Pandemic, Texas Shale Producers Ask State to Cut Oil Output

Two Texas oil companies with large footprints in the West Texas oil patch have sent a letter to state regulators formally requesting an emergency meeting to consider reducing oil production as demand for oil around the world has collapsed during …

Employees Missing After Oklahoma Drilling Rig Fire

Drilling contractor Patterson-UTI said some of its employees were missing on Monday after a fire at one of its drilling rigs in Pittsburg County, Oklahoma. The company said it had activated its emergency response systems and was cooperating with first …

Coal Mining Company Proposes Turning Kentucky Mine Into Solar Farm

A former strip mine would be converted into a solar farm under a proposal announced Tuesday by an Appalachian coal company that says it wants to place hundreds of thousands of panels in the Kentucky mountains. The Berkeley Energy Group, …

Canada’s Energy Firms at Risk from Cyber, Bomb Attacks: Security Service

Canada’s main spy agency last year warned energy companies about an increasing risk of cyber espionage and attacks on pipelines, oil storage and shipment facilities and power transmission towers using homemade explosives, according to a classified document seen by Reuters. …

Aon Launches Loss Estimating Risk Tool for Oil, Gas and Petrochemical Sectors

Aon Global Risk Consulting, in collaboration with TNO, a research agency, has launched the Aon Loss Estimating Risk Tool (ALERT), a new modelling tool for oil, gas and petrochemical clients. The new tool is able to model the potential financial …

Everest Insurance, AEGIS to Offer Coverage to Energy Industry

Everest Re Group, Ltd. has formed a strategic alliance between its U.S. primary specialty insurer, Everest National Insurance Co., and Associated Electric & Gas Insurance Services (AEGIS). This new partnership will provide primary admitted coverages to AEGIS members, and non-member …

Bad Companies Feel Shake-Out in Energy Sector the Most

While the per barrel oil price has rebounded somewhat after it plunged to under $45 per barrel in March 2015, the energy industry — and by extension the energy-focused insurance sector — continues to adjust to the impact of the …