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Daily Insurance Industry News
Monday 21st of August 2017
April 22, 2010

Oil drilling to break deep sea records

by Richard Kilner

Story link: Oil drilling to break deep sea records

Over the course of the next decade energy insurers will need to contend with deeper sea drilling and production platforms, greater use of electrical power and more complex subsea infrastructure according to Professor Minoo Patel, director of BPP Technology Services.

The professor, who made his comments to the AEGIS London Energy Conference in Prague, went on to say that records for deep sea drilling would continue to be broken and that the subsequent costs would need to be offset by enhanced efficiency and reliability.

Professor Patel added that the new deep sea platforms would not be of a standard type, but would require customisation contingent upon the specifics of each particular site.

This has implications for energy insurers, who must be imbued with proper technical expertise to be able to adequately assess risk for each individual site.

Dr Simon Johnson, the director of Aon Environmental Services Group, has pointed out that globally there are now 17,000 different environmental regulations making it very difficult to avoid the potential pitfalls.

Dr Johnson went on to raise numerous possible problems with both carbon capture and wind farms, citing the difficulty of carbon escaping and the consequences on biodiversity of off-shore wind farms.

 

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