Indian’s oil and gas exploration and production will see an investment of USD 58 billion by 2023. The old fields are being developed to increase their oil generation capacities and field development plans worth USD 13.6 billion have been recently approved. India holds 160 terabyte information on sedimentary basins as per The National Data Repository (NDR) which if opened will mean and endless possibility of oil exploration in the country. More than 50 proposals seeking a few ten thousand sq. km area for oil exploration have already been received by the department. These figures certainly indicate the future of oil exploration industry which at the least can be termed as bright.
India is the one of the fastest growing economy in the world. As it grows, the demand for energy will continue to grow, which is why India presents tremendous opportunities in the oil exploration sector. As most of the country’s fuel requirement is met by exports that cost us a huge price, the government is continually committed to produce a self-sufficient stream of energy by exploring the huge number of sedimentary oil basins that the country enjoys. Technological advancements in oil exploration and extraction have also increased India’s competence in the sector, giving it another strong reason to accelerate. It is thus crucial for India to hold the reins and take a stride soon in development of this industry and strengthening its fuel generation capacity.
Given the global demand for oil and its increasing valuation, the sector is prone to various risks. Man made risks such as terrorism and thefts, cyber risks, errors and omissions, product recall, professional liability, legal and pollution risk are few risks that accompany the sector. Risks also involve injury or disability caused to employees, property and rig damage, price volatility, operational risks, risks in supply chain management, riggers legal liability, etc. With the multitude of risks involved, a sound policy that can insure the complete business lifecycle is imperative.
The complexities of oil exploration can lead to a multiple risks and complexities which can only be secured by a team of experts. Epoch enjoys this expertise over others and helps you work out a practical risk management strategy that can cover you against all the above risks and some more. With extensive sessions of risk evaluation developed through a detail analysis of your business, we come up with the best insurance plans at a competitive price.
Content Coming Soon...Read More
Content Coming Soon...Read More
This insurance policy protect your property like buildings, plant and machinery, stocks and other installation against losses or damage caused by fire, flood, storm, earthquake, terrorism, vandalism, theft,...Read More
K&R insurance protects corporations and individuals against financial losses that result from kidnapping, extortion, and ransom demands. It is designed to insure those who frequently travel, not for...Read More
Term Insurance Policy is a type of life insurance policy that provides coverage for a certain period of time or a specified ""term"" of years. If the insured...Read More
Envision an action that builds your adaptability, rei...
They rightly call it a “rat race”; a race that is meant to keep us competiti...
When you buy health insurance, you must remember that this sum insured is to be ...