We would like to inform you that yesterday, Thursday, June 23rd, 2016, the Federal Official Gazette published the General Administrative Provisions that set forth the rules for the minimum insurance requirements for Regulated entities that carry out hydrocarbons exploration and extraction, oil treatment and refining, and natural gas processing activities.
These provisions will regulate the civil and environmental damage liabilities, and, if applicable, well control in order to face the damages and losses that could occur while developing works or activities of the hydrocarbons sector.
In this regard, we inform you that the minimum insurance amounts per activity are the following:
These Guidelines will apply to the following activities:
Exploration and extraction:
Onshore wells: USD$100,000,000
Onshore wells with a remaining volume of < 100 million boe: USD$25,000,000
Offshore shallow waters wells: USD$ 500,000,000
Deepwaters/ultradeepwaters wells:
USD$ 700,000,000
Oil treatment and refining/ natural gas processing:
USD$500,000,000
For more information, please visit:
www.dof.gob.mx