Unlike BP, ONGC has environment & terror insurance

State-owned ONGC has insured itself against a possible environment damage due to its operations, unlike British Petroleum, which has no external insurance cover for environment damage. ONGC accounts for 80% of India s oil and gas output and owns 3,800 km of sub-sea pipelines, BP s insurance protection is mainly for damage to its installations and the sunken rig, according to overseas reports. BP had chosen self-insurance through a captive insurer. ONGC CMD RS Sharma told FE that the company s insurance cover for offshore installations also covers possible damage to environment as well as any terrorist strike. The insurance cover is for ...

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