BY NKECHI NAECHE-ESEZOBOR–Seplat Petroleum an independent indigenous Nigerian upstream exploration and production company said is looking for an insurance company that will handle its group life assurance policy for its Oil Mining Licence (OML) 53.
According to noticed released by the company that 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.
The notice further stated that the insurance firm will work with the 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 requirements listed by the indigenous oil firm include; that the company must have adequate and qualified staff with experience in the oil and gas 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 notice further noted that the deadline for the submission of bids is January 18,
“To be eligible, all tenders must comply with the Nigerians content requirement in the Nipex system.”
