Tullow Ghana Limited, an oil and gas exploration firm, on Thursday organised a workshop on Offshore Drilling Process for local insurance companies in Accra.
The workshop dubbed: “Oil and Gas – How we can Operate our expertise” was aimed at building capacity of insurance companies to enable them to understand the operations of oil and gas companies.
The initiative also served as a platform to provide information about the operations and performance of Tullow Ghana to foster active participation of insurance companies in the company’s operations and success.
Participants were educated on underwrite risks associated with exploratory activities, oil and gas production risks and claims handling.
They were also given practical education on the equipment used and steps in drilling oil and gas from the Jubilee Oil Field.
Speaking at the event, Mr. Allan Gibson, Welding Engineer Supervisor of Tullow Ghana, said Jubilee Oil Field was one of the best oil fields in the world, because it took only three-and-half years to pump oil following the discovery.
He said the Company was using first class equipment such as the BOP on the sea-bed to prevent uncontrollable release of reservoir fluid.
Mr Gibson added that pragmatic measures had been put in place to prevent possible blowouts and human errors to sustain and maintain the Jubilee Oil Field.
“We all witnessed the Gulf of Mexico Oil spill in 2010 therefore we have safety precaution measures set up to ensure this does not happen in the Jubilee Oil Field,” he said.
Ms Dinah Quashie-Idun, Local Content and Supplier Development Supervisor of Tullow, said the risk of underwriting insurance in oil and gas had been deemed to be enormous and the area was not known to many local insurance companies.
She said with the current increasing interest in the industry there was the need to educate local insurance companies to contribute to the development of the sector.
Ms Quashie-Idun, therefore, urged participants to help educate insurance practitioners in the market to these complex risks associated with oil and gas insurance.