According to an embodiment, a method for thermally insulating a portion of a tubular located inside an enclosed conduit comprises the steps of: (A) introducing a grouting composition into an annulus between the tubular and the enclosed conduit, the grouting composition comprising: (i) an oil-swellable binding material; and (ii) a hydrocarbon liquid, wherein the hydrocarbon liquid is the continuous phase of the grouting composition; and (iii) an insulating material comprising a hollow microsphere; and (B) allowing or causing the grouting composition to set after the step of introducing, wherein after setting the grouting composition has a thermal conductivity of less than 0.3 BTU/hr·ft·° F. According to another embodiment, a grouting composition for use in insulating a portion of a tubular located inside an enclosed conduit comprises: (A) an oil-swellable binding material comprising a organophilic clay; and (B) a hydrocarbon liquid, wherein the hydrocarbon liquid is the continuous phase of the grouting composition; and (C) an insulating material comprising a hollow microsphere, wherein after the grouting composition has set, the grouting composition has a thermal conductivity of less than 0.3 BTU/hr·ft·° F.