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Monday, September 26, 2022

Nigeria’s Seplat Petroleum launches search for life insurance providers for its OML 53 operations

By Samuel Bankole

Nigeria’s indigenous oil firm, Seplat Petroleum has launched a search for an insurance company that will handle its group life assurance policy for its Oil Mining Licence (OML) 53.

In a notice published on Monday, Seplat, operators of the NNPC/Seplat joint venture company said such insurance companies must have assets not less than N3 billion, have acquired good experience in oil and gas insurance and must be licenced by the industry regulator.

“The insurer shall retain a percentage of the risk in Nigeria and re-insure excess capacity with leading foreign underwriters with A+ rating by S&P.

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“The insurer will liaise with the joint insurance brokers for the purpose of re-insurance with foreign underwriter.

“The insurer will also handle claims services, policy, implementation, renewals, endorsement etc,” Seplat said in the notice.

Other conditions listed by Seplat for the insurance company include; have adequate and qualified staff with experience in the oil and gas insurance business.

Must be in good standing as regards the prompt settlement of all claims reported to date.

Must be a good corporate citizen of Nigeria that pays its taxes as and when due.

The company said that the deadline for the submission of bids will close on January 18, while successful bidders will be asked to submit technical bids.

“To be eligible, all tenders must comply with the Nigerians content requirement in the Nipex system.”

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