Egypt’s state-owned Misr Insurance has renewed an insurance cover agreement with the country’s Agiba Petroleum Co., a senior official said on Thursday.
The insurance policy is at a total sum insured up to $1 billion, a senior official at Agiba Petroleum added.
Under the deal, Misr insurance will cover all the risks related to operation, wells, and civil liability, he said.
“The land-based properties are with total sum insured of around $700 million and marine properties are with total sum insured of $200 million, while the total sums of wells recorded $70 million,” the official said.
As for Agiba Petroleum, the company is a joint venture between Eni and EGPC. Agiba is active since 1981 with operations mainly focused in Eni’s oil and gas concessions located in the Western Desert Area of Egypt.