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The Arab Misr Insurance Group (AMIG) signed a contract to insure Scimitar Production Egypt’s oil wells in Ras Ghalib with EGP 1.6 billion (US$ 234 million).
The insurance policy includes coverage over the pipelines, crude oil storage tank and machines against risks of fire, burglary, additional risks as well as Cost of well Control (COC) and civil liability insurance coverage over production activity, said Adel Hegazy, general manager of accident and petroleum insurance sector at AMIG. Cost of well Control covers expenses incurred in regaining control of a well after ‘blowout’.
Hegazy called on petroleum companies to ask for insurance coverage over their wells.
