The Operator's Extra Expense (OEE) / Control of Well program provides exploration and production companies (domestic and multinational) the opportunity to reduce the cost of their risk whle drilling in both onshore and offshore environments.
The coverage provided adresses the financial and logistical responses to a well blowout incident before it happens and the insurance covers the client for when a blowout has occured. The well control component of the policy / programme put in place covers the costs of bringing a well under control following a blowout. Including expenses resulting from seepage and pollution containment, as well as associated clean-up costs. The re-drill component of the policy also covers the expenditure involved in re-drilling the well to its original depth. Coverage can be provided onshore and offshore, with limits from $2 million to $500 million.
Control of Well Insurance covers expenses incurred in regaining control of a well after 'blowout', and may include:
- Re-drilling Expense (covers the expense incurred in the restoring or the re-drilling of a well after a blowout to the original depth and comparable condition prior to the loss.)
- Liability to pay third party bodily injury, damage to and loss of third party property, the cost of cleanup and defense expenses as a result of a blowout.
- Sudden and Accidental Seepage and Pollution
- Underground Blowout
- Evacuation Expense
- Deliberate Well Firing
- Care Custody and Control