Insurance seminar prepares local stakeholders for oil industry

Guyana’s oil sector has initiated the training of personnel to fit the requisite roles which will emerge in the coming months and insurance companies have sought to prepare themselves for the industry as well.
P and P Insurance on Thursday concluded three days of intensive training at the Pegasus Hotel, with some 61 attendees which were drawn from the insurance industry, the Environmental Protection Agency (EPA) and the Department of Energy.
In collaboration with the global professional services firm, Marsh, the agenda focused on the overview of company energies and the insurance market, risk identification and evaluation, drilling risk and control of well, upstream and downstream liabilities, offshore construction, upstream operational insurance, Offshore Business Interruption (LOPI), energy policies wordings and claims, FPSO insurance, risk management and downstream operational insurance.
Senior Vice President of Marsh Energy London, Guy Cowan was very pleased with the progress achieved over the three days.
Meanwhile, Chief Executive Officer of P and P Insurance, Bish Panday lauded the fact that Marsh was able to bring four of their leading energy brokers to share their knowledge. According to him, the course was highly beneficial and will help to prepare the insurance industry to deal with this new and emerging Industry.
Last year, TOTALTEC Academy commenced its first Commercial Slinger/Banksman Safety and Operational training to the oil and gas industry in Guyana. The academy commenced the training with 23 Strategic Recruitment Solutions Inc maritime personnel.
In 2019, El Dorado Offshore and Ramps Logistics partnered with US oil-giant, ExxonMobil to recruit 12 rig clerk trainees for the promising oil and gas industry. The candidates were required to undergo 10 weeks of training at four different locations in both theoretical and practical assessments.
ExxonMobil has deployed four drillships for exploration purposes, where 13 massive discoveries were made. The fleet comprises of the Stena Carron which is working at the Longtail 1 discovery; the Noble Bob Douglas at the Liza Phase 1; the Noble Tom Madden at the Yellowtail Well and Noble Don Taylor.
ExxonMobil had said there is potential for at least five floating production, storage and offloading (FPSO) vessels on the Stabroek Block producing more than 750,000 barrels of oil per day by 2025.