Oil Insurance Limited Welcomes Four New Members
HAMILTON, Bermuda, July 30, 2013 /PRNewswire/ --
Oil Insurance Limited (OIL) today, July 30th 2013, announced the signing of four new energy companies as members through the first seven months of 2013. They are Alon USA Energy, Inc, Anadarko Petroleum Corporation, Arena Energy, LP and Cenovus Energy Inc.
Alon USA Energy, Inc, headquartered in Dallas, Texas, is an independent refiner and marketer of petroleum products. Its operations include refining, asphalt and retail/branded marketing across the western and south-central regions of the United States.
Anadarko Petroleum Corporation is among the world's largest independent oil and natural gas exploration and production companies, with assets in the Rocky Mountains region, the southern United States and the Appalachian Basin. The company also is a deepwater producer in the Gulf of Mexico, and has production in Alaska, Algeria and Ghana with additional exploration opportunities in West Africa, Mozambique, Kenya, South Africa, Colombia, Guyana, New Zealand and China.
Arena Energy, LP is a privately-held company located in The Woodlands, Texas, formed in 1999 to pursue oil and gas development and lower-risk exploration drilling opportunities on the Gulf of Mexico shelf.
Cenovus Energy Inc. is a Canadian oil company based in Calgary, Alberta. Their operations include oil sands projects in northern Alberta which use specialized methods to drill and pump the oil to the surface, natural gas and oil production in Alberta and Saskatchewan as well as ownership interests in two U.S. refineries.
COO George Hutchings commented: "Interest in OIL by energy companies from around the globe continues to grow. Recent actions to increase OIL's property limit to $300 million, implement changes to minimize potential pricing volatility, rewrite the Shareholders Agreement, Policy and Rating & Premium Plan, and improve our marketing efforts have had favorable effects on the OIL value proposition. OIL continues to evolve and respond to our members' diverse needs and their global exposures."
CEO Robert Stauffer stated: "There are now 56 energy company members participating in the OIL mutual with growing interest from international prospects. Our members seek the security and predictability of OIL's significant $300 million cornerstone capacity, which offers 'for interest limits' for property damage, well control, re-drilling, pollution clean-up costs and terrorism among others."
For more information about OIL's property coverages and related value go to http://www.oil.bm.
Oil Insurance Limited (OIL) insures over two trillion dollars of global energy assets for more than fifty members with property limits up to $300 million totaling more than 11 billion dollars in total A- rated property capacity. Members are medium to large sized public and private energy companies with at least $1 billion in physical property assets and an investment grade rating or equivalent. Products offered include Property (Physical Damage), Windstorm, Non Gradual Pollution, Control of Well, Terrorism, Construction and Cargo. The industry sectors that OIL protects include Offshore and Onshore Exploration & Production, Refining and Marketing, Petrochemicals, Mining, Pipelines, Electric Utilities and other related energy business sectors.
SOURCE Oil Insurance Limited (OIL)