Misr Insurance wins Eni’s supergiant gas find policy bid

The leading insurer in MENA region, Misr Insurance Company has been awarded an insurance policy for the Shorouk Block, where a supergiant gas discovery recently made by Italian energy firm Eni.

The contact involves an insurance coverage of US$550 million for each incident in the block, Amwal Al Ghad has quoted Mohamed Sayed Abdel Fattah, General Manager for Oil Department at Misr Insurance, as saying Monday.

Last August, Eni announced a world class supergiant gas discovery at its Zohr Prospect, in the deep waters of Egypt. The discovery well Zohr 1X NFW is located in the economic waters of Egypt’s Offshore Mediterranean, in 4,757 feet of water depth (1,450 metres), in the Shorouk Block.

Eni said the discovery could hold a potential of 30 trillion cubic feet of lean gas in place (5.5 billion barrels of oil equivalent in place) covering an area of about 100 square kilometres. Therefore, Zohr has been considered the largest gas discovery ever made in Egypt and in the Mediterranean Sea and could-be one of the world’s largest natural-gas finds.

The insurance policy is to cover the danger arising out of well control, redrilling, and decontamination process during the exploration phase in Zohr field, with sum insured worth US$350 million for each incident, Abdel Fattah added.

An additional US$200 million is to be allocated for each incident related to the civil liability, according to the policy.