Misr Insurance insures BP’s gas find Atoll for $1.3 billion

Egypt’s Misr Insurance has won a tender to provide insurance coverage for BP’s latest find, the Atoll deepwater gas field located in the Mediterranean Sea.

Mohamed Sayed Abdel Fattah, General Manager for Oil Department at Misr Insurance, told Amwal Al Ghad on Sunday that the insurance policy for Atoll field is with total sum insured of $1.3 billion.

The insurance policy, which will be two-year renewable term, involves $750 million for the whole Atoll project and $1.1 billion as insurance liability for two wells, Abdel Fattah added.

The policy includes coverage for contractors all risks (CAR), control of well insurance, and civil liability, Abdel Fattah added.

The Atoll discovery in the North Damietta Offshore Concession was announced in March 2015. BP decided in November to fast-track the development of Atoll, estimated to contain 1.5 trillion cubic feet of gas and 31 million barrels of condensates.

BP said the field was on track to deliver its first gas in the first half of 2018, set to pump 300 million cubic feet a day of gas to the Egyptian market.