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Investors Ask Oil, Insurance Groups to Disclose Safety Plans

Author: Nathaniel Gronewold, Greenwire blog, on New York Times, Published on: 5 August 2010

A coalition of...investors is demanding oil and gas companies disclose their existing safeguards and plans of action in the event of another offshore rig disaster and possible oil spill like the one experienced by BP PLC and other companies in the Gulf of Mexico... The letters request...that companies disclose their investments in spill prevention technologies, their contingency plans in the event of a deepwater well blowout and their risk exposure to possible new regulations on deepwater drilling activities. Insurance companies that back policies for the oil and gas industry also received letters from the group... Letters were sent to a total of 27 oil and gas companies and 26 insurance companies...[including] Exxon Mobil Corp., ConocoPhillips, Chevron Corp., Royal Dutch Shell PLC, Total... Statoil...Apache, Marathon Oil Corp... Tullow Oil... AIG Inc., Swiss Re and Lloyd's... Companies receiving the letters say that it will take time for them to formulate an adequate response given the volume of details requested by the investor groups.

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Related companies: A.P. Moller - Maersk Group ACE Group AIG Anadarko Apache Aspen Insurance BG Group (part of Shell) BHP Billiton BP Catlin Chevron ConocoPhillips Eni Equinor (formerly Statoil) ExxonMobil Hanover Insurance Hess Corporation Husky Energy Lloyd's of London Maersk (part of A.P. Moller - Maersk) Marathon Oil Munich Re Murphy Oil Nexen OMV Petrobras Repsol YPF Shell Suncor Swiss Re Talisman Tokio Marine & Nichido (part of Millea) Total Travelers Tullow Oil