The upstream petroleum industry is characterized by its long-life cycle, huge investments, technology requirements, impact on environment and risk associated with operations.
As offshore oil and gas exploration is moving further into ultra-deep waters, onshore exploration is also increasingly taking place on lands with economic activities. As a result, these risks have been further exacerbated thus, increasing the complexities of underwriting upstream oil and gas risk in Ghana, and constraining the capacities of Ghanaian insurance companies to underwrite upstream oil and gas risk.
In responding to these eminent challenges, the insurance industry in Ghana has developed a framework to underwrite risks to cover personnel, property and operations in the oil and gas industry.
This session will explore the implementation of insurance policies and the management of the various risks in Ghana’s upstream oil and gas industry.
