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Ukraine's Cabinet of Ministers has approved the Procedure and rules for mandatory insurance of property risks in industrial development of oil and gas, as well as in research, extraction and use of coal deposit gas (methane), the Information-Analytical Bulletin of the Cabinet of Ministers of Ukraine informs.
The procedures have been developed to provide compensation for damage caused to the environment due to accidents or technical failures in mining and production of coal mine methane, as well as in the event of damage to public property provided for use to an investor who is engaged in extraction of oil and gas resources.
"Unfortunately, in implementing such works, there are great risks of accidents, whose consequences can result in quite significant losses. Therefore, a mechanism is required that would guarantee compensation of such damages and provide a refund to owners of damaged property,” said Ministry of Ecology and Natural Resources experts, who developed the procedures and rules of the compulsory insurance of property risks.
It is expected that the enforcement of the procedures will help strengthen state guarantees and streamline insurance of compensation for losses during industrial development of hydrocarbon fields. Also there will be clearly outlined a procedure for interaction between the insurance companies and the government represented by a specially authorized central body of executive power on issues of environment and natural resources.
That will also reduce the state budget burden related to the need to compensate for damages caused by oil and gas extraction and enhance the reliability of guarantees of timely and full payment to the affected party.
In terms of the macroeconomic impact, the introduction of compulsory risks insurance will be in demand with businesses that are developing oil and gas fields in Ukraine and whose activities are related to a high environmental risk.