Jubilee oil field FPSO loss 2016

The insurance and ultimately reinsurance market caused by damage to and the resulting production shutdown of the Kwame Nkrumah FPSO (floating production, storage and offloading) vessel operating on the Jubilee oil field, Ghana, looks closer to settling as the loss creep from business interruption has slowed down.

The insurance and ultimately reinsurance market loss caused by the damage to and resulting production shutdowns of the Kwame Nkrumah FPSO (floating production, storage and offloading) vessel operating on the Jubilee oil field, Ghana continues to rise thanks to ongoing business interruption.

While remediation efforts for the damaged turret on the Kwame Nkrumah FPSO (floating production storage and offloading) operating on the Jubilee oil field, Ghana are well underway and progress being made, this work will mean a further shutdown of production that could escalate insurance and ultimately reinsurance costs.

The loss that will fall to the insurance and reinsurance market due to the damaged turret on the Kwame Nkrumah FPSO (floating production storage and offloading) operating on the Jubilee oil field, Ghana, is set to rise, as the FPSO will remain shutdown to production well into 2017.

Tullow Oil, the operator of the striken Kwame Nkrumah FPSO (floating production storage and offloading) on the Jubilee oil field, Ghana, has said that its insurers have confirmed that the firm has a recoverable claim to make under its business interruption policy.

Tullow Oil, the operator of the striken Kwame Nkrumah FPSO (floating production storage and offloading) on the Jubilee oil field, Ghana, said this morning that its reinsurers have confirmed that the ventures hull & machinery cover will pay out.