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Oil and gas operations representing petroleum engineering professional liability

Petroleum Engineer Professional Indemnity Insurance

Professional Indemnity coverage for reserve estimation, well design, and oil & gas consulting. Protection that understands the high-stakes nature of petroleum engineering advice.

$20M

Liability Limits

15+

Insurers

Same Day

Quotes

Recognition

Industry Awards

Petroleum engineering advice shapes billion-dollar investment decisions. When reserve estimates, well designs, or production forecasts prove inaccurate, the liability exposure can be extraordinary.

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The Challenge

Petroleum engineers work with inherent subsurface uncertainty, yet clients expect accurate predictions. When fields underperform or drilling programs fail, sophisticated operators and investors will seek recovery for losses. See how we help engineers across all disciplines.

Our Approach

We access insurers who cover oil and gas industry dynamics, exploration uncertainty, commodity volatility, and the technical complexity of reservoir engineering. Your coverage should reflect the high-value nature of petroleum consulting.

WHY TANK INSURANCE

What to consider for PI cover

Petroleum engineering involves high-value advice with long-term implications across exploration, development, and decommissioning. Your PI insurance needs to address these unique exposures.

Professional meeting discussing petroleum engineering insurance requirements

01

Reserve Certification

SPE-PRMS compliant reserve reports drive asset valuations and investment decisions. Your policy should adequately address the significant liability exposure of reserve certification.

02

Well Engineering

Well design, drilling programs, and completion advice carry substantial risk. We arrange coverage with insurers comfortable with petroleum engineering exposures.

03

International Operations

Many petroleum engineers work across international jurisdictions. We structure coverage that addresses both Australian and overseas project requirements.

04

Decommissioning Focus

Growing decommissioning obligations create new liability exposures. Your policy should cover well abandonment, facility removal, and remediation advice.

RISK PROFILE

Key Professional Risks for Petroleum Engineers

Petroleum engineering claims often involve substantial financial losses in a litigious industry. Understanding these exposures guides appropriate coverage decisions.

Reserve estimation errors affecting investment decisions and asset valuations
Well design and completion advice leading to operational failures
Production forecasting inaccuracies impacting project economics
Enhanced oil recovery recommendations that fail to deliver results
Drilling program advice resulting in dry wells or blowouts
Reservoir modelling errors affecting field development plans
Decommissioning cost estimates proving significantly inadequate
Health, safety, and environmental advice with compliance implications

Your technical expertise drives development decisions worth billions. Adequate PI coverage protects your practice against claims from sophisticated industry participants.

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POLICY SCOPE

What Petroleum Engineer PI Insurance Covers

Comprehensive PI insurance for petroleum engineers addresses the high-value, high-stakes nature of oil and gas consultancy and technical reporting.

Petroleum engineer reviewing reports representing professional indemnity coverage
Petroleum engineer reviewing reports representing professional indemnity coverage

Usually Covered

✓ Reserve estimation errors in SPE-PRMS compliant reporting.
✓ Well design and drilling program advice failures.
✓ Reservoir modelling and production forecasting inaccuracies.
✓ Field development planning errors affecting project economics.
✓ Decommissioning and abandonment advice negligence.
✓ Defence costs for claims and regulatory investigations.

Not Typically Covered

✕ Well control incidents and blowout damage (separate cover required).
✕ Pollution from your operations (Environmental Liability required).
✕ Deliberate misrepresentation or fraud in reporting.
✕ Bodily injury from site activities (Public Liability required).
✕ Property damage to facilities during physical works.
✕ Known issues not disclosed when arranging coverage.

Petroleum engineering spans upstream, midstream, and decommissioning phases. Coverage can be arranged for your specialisation and the project types where you provide advice.

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CASE STUDIES

Real petroleum engineering placements we've handled

First-hand experience placing PI for petroleum engineers - including the hard ones that most insurers won't touch.

QUESTIONS

Frequently Asked Questions

Petroleum engineers typically require PI coverage between $5 million and $20 million, with some major project consultants needing higher limits. Reserve certification, well design, and field development planning for significant assets often require maximum available limits. We assess your client base and project values to recommend appropriate coverage. Learn more about how PI insurance works.
Yes, PI insurance covers claims arising from negligent reserve estimation that causes clients financial loss. This includes SPE-PRMS compliant reserve reports where errors or omissions occur. Given reserves drive asset valuations and investment decisions, this is high-exposure work requiring adequate limits.
PI insurance covers claims alleging your drilling advice, well design, or program management was negligent and contributed to well failures, cost overruns, or safety incidents. Coverage extends to defence costs and damages. Physical blowout damage typically requires separate well control insurance.
Australian PI policies generally provide worldwide coverage for professional services. However, offshore and international work may have specific exclusions or requirements. Some jurisdictions mandate local insurance. We structure coverage for petroleum engineers working across Australian and international projects.
PI insurance covers claims arising from negligent decommissioning planning, cost estimation, and well abandonment advice. As decommissioning obligations grow across mature basins, this is increasingly significant exposure. Your policy should address this evolving risk area.

Professional Indemnity Insurance for Petroleum Engineers

Whether you specialise in reservoir engineering, drilling, production optimisation, or decommissioning, we can arrange PI coverage that matches the high-value nature of petroleum consultancy.

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