Oil price affecting political risk in key African states

Oil price affecting political risk in key African states

Oil price affecting political risk in key African states

Political events can have a significant influence on the price of oil, but the price of oil also has a strong influence on political events. In 2016, the latter was in full force, with enormous geopolitical consequences from the downturn in the price of oil, according to a new report from Marsh. Its 2017 Oil and Gas Risk Reward Index…

Insurers urged to address emerging fracking risks

Insurers urged to address emerging fracking risks

Insurers urged to address emerging fracking risks

Insurers need to address growing fracking risks and develop policies to specifically cover the emerging threat, according to a new report from the Chartered Insurance Institute (CII). The report, which is focused on UK risks, says the expected increase in onshore fracking following government support for the technique needs to be tackled head-on by insurers through designing specific policy cover.…

South Sudan and Equatorial Guinea agree oil and gas deal

South Sudan and Equatorial Guinea agree oil and gas deal

South Sudan and Equatorial Guinea agree oil and gas deal

Providing new opportunities for those in the oil and gas sectors, South Sudan and Equatorial Guinea have agreed a new bilateral relationship between the African oil and gas producers. The memorandum of cooperation was signed by Equatorial Guinea’s Minister of Mines and Hydrocarbons, HE Gabriel Mbaga Obiang Lima and South Sudan’s Minister of Petroleum HE Ezekiel Lol Gatkuoth. They will…

Angola gets negative outlook thanks to poor economic picture

Angola gets negative outlook thanks to poor economic picture

Angola gets negative outlook thanks to poor economic picture

Blaming a fast deteriorating economic picture, Fitch Ratings has affirmed Angola’s long-term foreign and local currency issuer default ratings (IDR) at B with a negative outlook. The issue ratings on Angola’s senior unsecured foreign currency bonds have also been affirmed at B. The country ceiling and the short-term foreign and local currency IDRs have also been affirmed at B. The…

Indian insurance buyers can expect tougher renewals

Indian insurance buyers can expect tougher renewals

Indian insurance buyers can expect tougher renewals

Indian non-life insurance rates will rise by up to 15% in some classes of business in the coming 1 April renewals as insurers struggle to maintain margins because of rising losses and stubbornly poor investment returns, according to a report from Indian news agency Press Trust of India. The agency reports that insurers plan premium increases in over 10 industry…

West Africa: riding wave of $50 oil for growth

West Africa: riding wave of $50 oil for growth

West Africa: riding wave of $50 oil for growth

  The rise in the price of oil to $50 per barrel and above did not come overnight for the global oil and gas industry. Rather, it was the culmination of three strategic meetings to rein in production and stabilise the market. First was the ‘Algiers Accord’ of the 170th Extraordinary OPEC Conference in Algiers, Algeria on 28 September 2016.…

Signs of optimism are returning to the African oil and gas market after 18 months of turmoil and as the price of a barrel tips over $50

Signs of optimism are returning to the African oil and gas market after 18 months of turmoil and as the price of a barrel tips over $50

Signs of optimism are returning to the African oil and gas market after 18 months of turmoil and as the price of a barrel tips over $50

Stalled exploration of the Mauritania-Senegal-Gambia-Bissau-Conakry (MSGBC) basin is set to resume in 2017, according to experts at BMI Research. They say the basin remains a relatively underexplored region of the Atlantic margin. It also boasts strong prospectivity: according to service provider TGS, 177 wells have been drilled in the basin to date, of which 115 have encountered hydrocarbons – a 65%…

Barbican Insurance expands energy team

Barbican Insurance expands energy team

Barbican Insurance expands energy team

Barbican Insurance Group has appointed Marc Sullivan to its energy underwriting team. Mr Sullivan, who joins Barbican from Starr Underwriting Agents, will take on the role of class underwriter for downstream energy risks. He will report to Olivier Decombes, head of energy, power and utilities at Barbican. Mr Sullivan began his insurance career at Hiscox in 2006 and has spent…

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