Investors demand oil & gas companies to disclose safeguards, action plans for offshore rig disasters & spills

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5 August 2010

Investors Ask Oil, Insurance Groups to Disclose Safety Plans

Author: Nathaniel Gronewold, Greenwire blog, on New York Times

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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5 August 2010

Investors Managing $2.5 Trillion Press Energy Companies to Better Disclose Spill Prevention and Response Plans for Deepwater Wells Worldwide

Author: Ceres

In the wake of significant financial losses from the BP oil spill and in response to a proliferation of deepwater offshore drilling worldwide, more than 50 U.S. and other global investors have sent letters to major energy companies asking them to disclose information regarding their risk oversight measures, including spill prevention and response plans, for their own offshore oil operations around the world... The letters were sent to 27 companies... Oil and Gas Companies Receiving Letters:
Apache, ATP Oil and Gas, BG Group plc, BHP Billiton, Chevron, ConocoPhillips, ENI, ExxonMobil, Hess, Husky, Maersk, Marathon, Murphy, Newfield, Nexen, OGX Petróleo e Gás Participações, OMV, Petrobras, Plains Exploration and Production, Repsol YPF, Shell, Statoil, Suncor, Talisman, Total, Tullow Oil plc, Woodside Energy Ltd. Insurance Companies Receiving Letters: ACE, AIG, Amlin, Arch Capital, Aspen, AXIS, Beazley PLC, Catlin, Chaucer, Everest Re, Flagstone Reinsurance, Hanover Re, Hiscox, Lancashire, Lloyd's, Montpelier Re, Munich Re, PartnerRe, RJ Kiln & Co., Swiss Re, Tokyo Marine Holdings (parent of RJ Kiln), Transatlantic Re, Travelers, Validus Re, W.R. Berkley, XL Capital. [also refers to Anadarko]

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