Oil firm wins interim $4.7 million Varanus Island BI claim
WA oil and gas exploration and production company Tap Oil has won a $4.7 million partial interim business interruption claim relating to the loss of gas supply following the Varanus Island explosion in June.
The payment covers lost production between June and August, when WA lost up to 30% of its gas supply. The interim payment is subject to the finalisation of the overall claim and represents partial payment only of business interruption claims relating to that period.
In a statement, Tap Oil says it is pleased by the response to date from its advisers and insurers.
Full production at Varanus is expected to resume by December.
Tap Oil plans to hold claims meetings later this year related to further interim payments.
The company also has property damage insurance and anticipates making an additional claim for repair costs.