Subsea works at Mero boosts insurance market in 2019

1/17/19

The oil and gas insurance market will be boosted this year by the Mero field subsea interconnection project and the review of Petrobras’ operational program, which covers most of the company’s offshore assets. The contracts are expected to generate premiums of up to $ 25 million.

The estimate is by Thiago Navega, head for the operation of Petroleum Risks and Maritime Risks at Austral Seguradora. He explains that because of its complexity and high capex, ventures such as the one of Libra present greater risk and, consequently, higher premiums.

“Mero’s subsea is a very complete arrangement, with cutting-edge technology, in great depth and under high pressure,” he says.

Last year, Austral recorded R $ 228 million in premiums issued in oil risks, accounting for 35% of the market and reaching 110% growth compared to 2017. For this year, the volume of premiums is expected to remain stable. “It will be a transition year,” says Navega, who believes in growth from 2020 or 2021.

Among other opportunities in 2019 are business involving farm-in operations, which are gaining volume due to the divestments of Petrobras. As new entrants begin to implement technologies to increase the asset recovery factor, venture risks tend to rise.

“The industry agenda for this year still involves the opening of the natural gas market, the revision of the onerous assignment surplus and the new ANP rounds for pre-salt and post-salt,” adds Navega.

Another new line is the new Petrobras FPSOs installed in the pre-salt. According to the head of Austral, the insurance cost of platforms designed to operate in the pre salt currently rotates between 2% and 2.5% of its capex (approximately US $ 1.5 billion).

Source: Brasil Energia

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.