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Interview: INDECS’ David Sharp

24 May — David Sharp, senior consultant at energy insurance consultancy, INDECS, has over forty years’ experience of upstream insurance issues. He has worked on some of the largest and most complex upstream insurance placements worldwide, most notably in the North Sea, Caspian Sea and the Gulf of Mexico. Here, he discusses the impact the BP oil spill in the Gulf of Mexico has had on the insurance market, the key insurance risks of drilling in environmentally sensitive areas and how insurers are coping with the spate of global natural disasters that have taken place over the past few months.

What impact has the Macondo blowout had on the United States’ upstream energy insurance market?

The US energy insurance market is a relatively small sector of the global energy insurance market. Most of the capacity, and indeed expertise, is actually concentrated in the London market, so the effect is worldwide on global markets, it’s not a specific effect on the US energy insurance industry…

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News

Reliance shares fall after AGM

3 June — Shares in Reliance Industries fell today as investors were disappointed with comments made by chairman, Mukesh Ambani, at the company’s 37th annual general meeting (AGM) of shareholders in Mumbai. Reliance’s share price on the Mumbai stock exchange…

Total representative to replace Dmitriyev on Novatek board

3 June — A representative of France’s Total will replace Vnesheconombank (VEB) chairman, Vladimir Dmitriyev, on the board of directors at gas producer, Novatek.

Novatek said that a list of candidates for election to the board had been approved…

Marathon Oil doubles its Eagle Ford shale holdings

2 June — Marathon Oil Corporation has agreed to buy $3.5 billion worth of Eagle Ford shale assets from Hilcorp Resources Holdings. Combined with other acquisitions due to close by the end of 2011, Marathon’s Eagle Ford acreage position is expected…

Israel’s Premium Holdings may buy stake in Leviathan shareholder

2 June — Israeli investment company Premium Holdings is looking into options to buy a 15% stake in Ratio Oil Exploration, which owns 15% of the giant Leviathan gas field off Israel’s Mediterranean coast.

Premium said in a statement to the…

Tullow expands Jubilee stake

27 May — Tullow Oil is to buy EO Group’s interests offshore Ghana for $305 million. The acquisition will increase Tullow’s interest in the West Cape Three Points licence by 3.5% to 26.4%, and in the Jubilee oil field from…

Gas Natural, Sonatrach pricing discussions continue

27 May — Spain’s Gas Natural and Algeria’s Sonatrach are still locked in discussions trying to resolve a dispute over pricing, despite a report in the Spanish financial daily Cinco Dias that a resolution had been found…