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Oil and gas industry is a complex industry with the need of huge funds and involve high technology. Because it is so, then the risks faced by this industry is also very diverse and high. Companies face the risk of physical or legal responsibility (operational risks) when doing the activities and financial risk (financial risk) that would occur if it turned out to contain oil / gas is expected judged uneconomical (speculative risks).
Activity in the oil and gas sector despite having the characteristics of "relatively low frequency of occurrence of loss" but "a high potential of loss" and if an incident would lead to "the amount of loss (severity), a very big" and often fatal.
One way to overcome the high level of risk faced is the presence of process safety management system which ensures that the oil industry facilities have been designed and operated with due regard to safety aspects. This is implemented by the unit that handles the Health, Safety and Environmental (HSE). Insurance is one method of risk management (pure risk) for Operators of Oil and Gas, in dealing with operational risk (operational risk) that can interfere with corporate finance. But in her insurance, dispute inevitably occur between the insured and the Insurer which is caused by factors, among others:
1. Knowledge : Insured less understand the principles of insurance and the Insurer did not understand the risks and Gas (insurance activities),
2. Contract : In the Object Insured, involving many parties (several contracts), for example: Operator (Oil Company) as the party responsible for the operation of oil and gas working areas, the Contractor Sub Contractor as the party who appointed Ollerator to perform various jobs, the government as the ruler over oil and gas working areas.
3. Policyholders and insurance markets oil and gas comes from the State not lasil oil and gas lawyers.
4. Setting Value or Limit Coverage : Production facilities that are old, or oil reserves which are considered not economically difficult to assess whether Sum Insured and interest rate . In relation to the above description, it is important discussion material known today, with the topic "Understanding Risk and Insurance Oil and Gas"
1. Oil and Gas Industry Activities
By and large, the activities in the oil and gas industry consists of 2 parts, namely an upstream and downstream.
Oil and Gas Activities in the upstream sector include four phases of activity, namely:
1. Seismic and exploration phase (activities aimed at obtaining information on geological conditions to find and obtain the estimated oil and gas reserves in the Work Area is defined),
2. Exploitation phase (series of activities aimed at untt. K produces oil and natural gas are determined from the Work Area, which consists of drilling and completion of wells),
3. Development phase of production facilities, and
4. Production phase (the processing for the separation and purification of oil and gas).
Activities upstream (upstream) is the oil and gas activities with the highest level of risk, especially in the exploitation activities. Risks that might be encountered include wild bursts (blowout) caused major Perils (Fire, Lightning, Explosion) and human error (human error). Risk in the development phase of production facilities mainly in offshore production facilities / offshore (eg, platform / platform), among others, construction / design defect, subsidence faced during the construction period, as well as collision, grounding, and drowning caused by marine Peril.
