Repsol activated a US$ 275 million insurance policy, according to Osinergmin

The Supervisory Agency for Investment in Energy and Mining (Osinergmin) reported that Repsol activated its US$275 million insurance policy on January 21st.

This information was provided during the presentation of the president of Osinergmin, Jaime Mendoza, before the Energy and Mines Commission of the Congress of the Republic, also specifying that the amount of the insurance policy is independent of all the resources that the Repsol company must allocate to remedy the impact of this disaster.

On the other hand, Osinergmin reported that, today, Wednesday, February 2, the deadline for Repsol to present a new schedule for the withdrawal of the PLEM from the Multiboya Terminal No. 2 of the La Pampilla refinery expires. If the company fails to deliver said information within the established period, the respective mandate will be imposed with a penalty payment, which can be increased until its execution is achieved.

In this sense, Osinergmin demanded that Repsol present a new schedule with the aim of having the submarine structure (PLEM and components) as soon as possible, key elements in the research that this body has been carrying out.

In the same way, the supervisory body recalled that it has been carrying out all the necessary actions to initiate a sanction procedure against Repsol, after verifying that the preliminary report delivered by said company on January 16, on the spill that occurred on January 15 January 2022, contained inaccurate information about the volume of hydrocarbons spilled into the sea and the extension of the affected area, a situation that entails an affectation to the supervisory activity of Osinergmin. The maximum fine could reach up to 100 UIT.

This is the first sanctioning procedure, of a series of processes that could be initiated in cases of non-compliance with hydrocarbon regulations.