Macondo One Year On - Rules, Indemnities And Insurance

Reactions to last year's Gulf of Mexico oil disaster continue to redefine regulatory, commercial, insurance and other arrangements in the shallow and deep water oil and gas industry, internationally.

Renewed attention was placed on the perceived inadequacy of international legislation in preventing or dealing with the effects of large-scale hydrocarbon disasters, with national regulators seeking to find local solutions and federal regulators seeking to impose in some instances, even extra territorial regulation of operations. In turn, operators, partners and the supply chain of contractors continue to better understand and negotiate the scope and scale of risks they are exposed to, with tertiary industries (including the insurance industry) reacting to regulatory and commercial attempts to reallocate risk.