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Process for insuring and risk managing the decommissioning and/or abandonment of an oil and gas production facility

  • US 20030105651A1
  • Filed: 11/30/2001
  • Published: 06/05/2003
  • Est. Priority Date: 11/30/2001
  • Status: Abandoned Application
First Claim
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1. A process for insuring and risk managing the decommissioning and/or abandoning of an oil and gas production facility owned by an oil and gas producer, the process steps comprising:

  • collecting engineering and production data related to an oil and gas field and its production facility;

    building a model predicting a net production value profile of the oil and gas field using the collected engineering and production data;

    estimating future cost of decommissioning and abandoning the oil and gas production facility;

    building an insurance premium payment curve to be paid by the oil and gas producer based on the net production value profile and the future cost of decommissioning and abandoning the facility;

    selling the oil and gas producer a risk management insurance policy based on an estimated premium payment curve and collecting premium payments from the oil and gas producer; and

    paying the oil and gas producer at the time of decommissioning and abandoning the facility for the insured cost of abandonment.

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