The oil and gas industry faces many challenges coming from common misperceptions from laymen. Energy & environmental insurance protects the company when things go wrong. However, there are things that a company can do to limit the impact on the environment and subsequent bad press.
Plug wells no longer in use to prevent oil and gas from seeping out of the no longer used area. Once the well is plugged, the company can help restore the area around the well-inviting animals, insects and plant life back in.
Modern technological advancements can help companies spend less time drilling for dry holes and more time focusing their efforts where the payout is bigger. Not only does this increase the chance of a profit, but it also limits the environmental damage of drilling multiple sites. Companies can use both 3-D and 4-D technology to discover oil deposits as effectively as drilling discovery wells.
It is important that companies follow local, state and federal regulations for drilling and extracting oil from the area. The insurance company U.S. Risk has the experience to provide pollution coverage for the complex and volatile risks the industry faces.
These tips can help companies mitigate the environmental risks inherent in drilling for oil. Protecting the business with energy & environmental insurance provides financial loss protection when things don’t go as planned.