Oil & Gas InsuranceUpstream, Midstream, or Downstream, Is Your Oil & Gas Insurance Properly Covering Your Operation? Get Your Free Canada Oil & Gas Insurance Quotes Today.
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Companies in the oil and gas industry can usually be separated into three different categories, which are upstream, midstream and downstream. The majority of the larger oil companies are referred to as integrated. The reason for this is because these companies combine upstream operations with midstream and downstream activities as part of their overall operations from the production phase all the way through to the point of sale.
Upstream Oil & Gas Operations
Upstream operations primarily deal with the production and exploration stages of the oil and gas industry. Upstream firms taking the initial steps to first, assess and drill for the resources. After the reserves are confirmed, upstream firms extract the oil and gas from that reserve.
Upstream activities typically include:
- Development, exploration and production activities and assets, both onshore and offshore
- Production platforms
- Mobile offshore drilling units
- Floating production storage offloading units
- Offshore construction operations
The Oil and Gas Insurance coverage that applies to this specific portion of the industry includes:
- Business interruption
- Control of well
- Offshore construction
- Physical damage
The increasing demand drives upstream oil and gas companies to look for additional reserves in more technically challenging and remote areas, which further increases investment and risk. The insurance brokers at Leibel Insurance are specialists in the energy industry and can provide you with the Oil Insurance that you require through the exploration phase. Leibel Insurance offers coverage that is tailored to meet the needs of the oil and gas sector.
Midstream Oil & Gas Activities
Another one of the major stages of oil and gas industry operations are the midstream activities. This includes the processing, storage, transportation and promotion of natural gas, oil and natural gas liquids.
Midstream operations are normally included as a portion of the downstream activities for many in the oil and gas industry. Midstream and downstream operations are done following the production phase and continue on through to the point of sale.
Midstream activities typically include:
- Transporting by vessels or pipeline
- Collection, separation and storage
There are several risks that are associated with the operations of the midstream sector. Your risks change as your company continues to evolve, but we will work with you to make sure you have the right balance of coverage to protect against those risks. Instead of a cookie cutter approach, Leibel Insurance Group will work with you to provide you with a Gas Insurance plan that is customized to your needs.
There are environmental regulations and requirements that you have to follow. Leibel Insurance understands your needs for coverage that includes pollution liability, contamination cleanup, natural resource damage coverage as well as coverage for property loss.
Natural disasters can lead to both business interruption and property loss. Our experts will help to identify your risks and make certain that you have the insurance products to protect you in the event that you have to file a claim.
The cost to construct new pipeline infrastructure can be quite high. Our specialists can help you by mitigating the risks with Oil and Gas Insurance solutions, such as builders risk insurance and more.
Downstream Oil & Gas Operations
Downstream operations may include the refinement of crude oil as well as the distribution of the by-products to the retail level. Such by-products include diesel, natural gas liquids, gasoline as well as a wide array of additional energy sources.
Some oil and gas companies choose to split downstream activities into midstream and downstream. This means that the refining process will take place during the midstream operations and the downstream phase is when the distribution will occur.
Downstream operations typically include:
- Chemical and petrochemical plants
- Gas works
- Tank farms and terminals
- Underground storage
- Chemical fertiliser plants
The downstream sector of the oil and gas industry includes processing, refining and petrochemical sectors that are under pressure because of the growing demand for these refined products. Larger facilities that have operations with high temperatures and high pressures, the risk for third-party liabilities is rather high.
The liability and property risk exposures tend to test the capacity of the insurance market. However, your insurance broker can provide you with an efficient Oil Insurance program that will meet a wide variety of operational, legal and financial requirements.
Leibel Insurance takes pride in supporting the oil and gas industry. Your oil and gas insurance broker has in-depth knowledge in providing comprehensive coverage to energy companies of all sizes in every sector. Our team of brokers will work with you to understand your insurance needs and provide you with a wide range of quality products, such as:
- Casualty coverage options, which include automobile, excess liability, general liability and workers compensation
- Operator’s additional expense for pollution, redrill and blowout
- Property, including contractor’s equipment, onshore and offshore property and rig physical damage
- Business interruption
- Cyber liability
- Professional indemnity, such as directors and officers liability, employment practices liability, fiduciary liability and more
Leibel Insurance has a wide variety of plans available that are designed specifically to provide you with the reliable, comprehensive Gas Insurance coverage that you need. The fastest way to get more information with absolutely no obligation is by clicking on the quote request button now.