TOP 20 WORLD PROPERTY DAMAGE LOSSES IN THE HYDROCARBON INDUSTRY (1)

(US $ millions)

Rank Date  Plant type  Event type  Location  Property loss (2)
1 Jul. 7, 1988 Upstream  Fire/explosion North Sea, UK (Piper Alpha) $1,600
2 Oct. 23,1989 Petrochem  Vapour cloud explosion  Texas, USA   1,300
3 Mar. 19, 1989 Upstream  Fire/explosion  Gulf of Mexico, USA  750
4 Sep.12, 2008 Refinery  Hurricane  Texas, USA  750
5 Jun. 4, 2009 Upstream  Collision  North Sea, Norway  750
6 Aug. 23, 1991 Upstream  Structural failure  Sleipner, North Sea, Norway  720
7 May 15, 2001 Upstream  Explosion/ fire/sinking  Campos Basin, Brazil  710
8 Sep. 25, 1998 Gas processing  Vapour cloud explosion  Victoria, Australia  680
9 Apr. 15, 2003 Upstream  Riot  Escravos, Nigeria  650
10 Apr. 24, 1988 Upstream  Fire  Campos Basin, Brazil  640
11 Sep. 21, 2001 Petrochem  Explosion  Toulouse, France  610
12 Jun. 25, 2000 Refinery  Vapour cloud explosion  Mina Al-Ahmadi, Kuwait  600
13 May 4, 1988 Petrochem  Explosion  Nevada, USA  580
14 Jan. 19, 2004 Gas processing  Fire/explosion  Skikda, Algeria  580
15 May 5, 1988 Refinery  Vapour cloud explosion  Louisiana, USA  560
16 Nov. 1, 1992 Upstream  Mechanical damage  North West Shelf, Australia  470
17 Nov. 14, 1987 Petrochem  Vapour cloud explosion  Texas, USA  430
18 Dec. 25, 1997 Gas processing  Fire/explosion  Sarawak, Malaysia  430
19 Jul. 27, 2005 Upstream  Fire/explosion  Mumbai High field, India   430
20 Jan. 20, 1989 Upstream  Blowout  North Sea, Norway  410

(1) According to the report, “these costs, to the extent insurance is applicable, are paid by property insurance underwriters.
(2) Inflated to December 2009 values.

Source: Marsh Energy Practice.