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Title

ANALYSIS OF RISK ALLOCATION OF BLOWOUT AND KICK IN OFFSHORE DRILLING CONTRACTS AND INSURANCE COVERAGE OF THOSE RISKS

Pages

 Start Page 57 | End Page 79

Abstract

 Since 150 years ago, when oil exploration began, significant advances have been made in exploration technologies. Notwithstanding this, drilling is still the only definitive method for determining the presence of the hydrocarbon reservoirs in a formation. Due to the nature of the drilling and lack of sufficient information in the oil and gas fields, exploration projects carry hidden risks. ‟Loss circulation" that can cause "Blow-out" and ‟Kick" is one of the most prominent hazards in Exploration Drillings. Risk management in offshore exploration contracts is of the utmost importance and one of the efficient risk management’s methods is ‟Insurance". In this article the allocation of risks in Day rate, Turnkey, and Footage Drilling Contracts for "Blow-out" and ‟Kick" risks will be examined and according to the INSURABILITY Criteria and Energy Exploration and Development (EED) policy wording it will be showed that "Kick" as a drilling risk and a kind of "Blow out"- depending on the situation- is not insurable through the standard available insurance policies in the market.

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