News Middle East13 Jun 2021

Turkey:State-owned insurer provides cover for newly discovered gas wells

13 Jun 2021

State-owned Turkiye Sigorta is providing insurance coverage to the Amasra-1 well in the offshore Black Sea northern Sakarya Gas Field where 135bn cubic meters of gas was discovered recently.

The insurance policy, valid until April 2022, provides coverage of up to TRY738m against the risks of fire, explosion, earthquake, debris removal and terrorism, reported Insurance Gazette.

Turkiye Sigorta's general manager Mr Atilla Benli said that this would be the second insurance policy provided by the company for a gas well.

The first such policy was issued last year for the Danube-1 well in the Sakarya Gas Field, where the biggest natural gas discovery in the history of Turkey was made after drilling started in July 2020.

Turkiye Sigorta was formed in September 2020 from the merger of six state-owned insurance and pension companies, making the enlarged entity the biggest insurer in the country. Apart from gas wells, the new company provides insurance cover for strategic assets of the state, including satellites and drilling ships.

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