HAMILTON, Bermuda, July 30, 2013 /CNW/ - Oil Insurance Limited (OIL)
today, July 30th 2013, announced the signing of four new energy
companies as members through the first seven months of 2013. They are
Alon USA Energy, Inc, Anadarko Petroleum Corporation, Arena Energy, LP
and Cenovus Energy Inc.
Alon USA Energy, Inc, headquartered in Dallas, Texas, is an independent refiner and marketer
of petroleum products. Its operations include refining, asphalt and
retail/branded marketing across the western and south-central regions
of the United States.
Anadarko Petroleum Corporation is among the world's largest independent oil and natural gas
exploration and production companies, with assets in the Rocky
Mountains region, the southern United States and the Appalachian Basin.
The company also is a deepwater producer in the Gulf of Mexico, and has
production in Alaska, Algeria and Ghana with additional exploration
opportunities in West Africa, Mozambique, Kenya, South Africa,
Colombia, Guyana, New Zealand and China.
Arena Energy, LP is a privately-held company located in The Woodlands, Texas, formed in
1999 to pursue oil and gas development and lower-risk exploration
drilling opportunities on the Gulf of Mexico shelf.
Cenovus Energy Inc. is a Canadian oil company based in Calgary, Alberta. Their operations
include oil sands projects in northern Alberta which use specialized
methods to drill and pump the oil to the surface, natural gas and oil
production in Alberta and Saskatchewan as well as ownership interests
in two U.S. refineries.
COO George Hutchings commented: "Interest in OIL by energy companies
from around the globe continues to grow. Recent actions to increase
OIL's property limit to $300 million, implement changes to minimize
potential pricing volatility, rewrite the Shareholders Agreement,
Policy and Rating & Premium Plan, and improve our marketing efforts
have had favorable effects on the OIL value proposition. OIL continues
to evolve and respond to our members' diverse needs and their global
CEO Robert Stauffer stated: "There are now 56 energy company members
participating in the OIL mutual with growing interest from
international prospects. Our members seek the security and
predictability of OIL's significant $300 million cornerstone capacity,
which offers 'for interest limits' for property damage, well control,
re-drilling, pollution clean-up costs and terrorism among others."
For more information about OIL's property coverages and related value go
Oil Insurance Limited (OIL) insures over two trillion dollars of global
energy assets for more than fifty members with property limits up to
$300 million totaling more than 11 billion dollars in total A- rated property capacity. Members are medium
to large sized public and private energy companies with at least $1
billion in physical property assets and an investment grade rating or
equivalent. Products offered include Property (Physical Damage),
Windstorm, Non Gradual Pollution, Control of Well, Terrorism,
Construction and Cargo. The industry sectors that OIL protects include
Offshore and Onshore Exploration & Production, Refining and Marketing,
Petrochemicals, Mining, Pipelines, Electric Utilities and other related
energy business sectors.
SOURCE: OIL Insurance Limited (OIL)
For further information:
Further inquiries regarding this press release should be directed to Barry Brewer, VP Marketing at email@example.com or +1(441)295-0905.