Market volatility and many ongoing uncertainties in the oil and gas sector require that operators are on top of operational risk management, compliance and Environmental & Social Governance (ESG).
As regulatory pressure for compliance becomes more stringent there will be more changes to regulations and adoption to these needs to be swift. Oil and Gas companies cannot afford the risks of being non-compliant. Resource Energy Solutions (RES) has seen first-hand the many changes in the industry for our clients, and new requirements and will continue to come into effect.
We are taking steps to address this in our Well Operation platform called Total Operations, Risk & Control (TORC). This solution is a paradigm shift in the way operators can stay on top of Operational Risk and Compliance.
Managing accurate information, a consistent business process for all, and getting the information to those that need it most (digitization) and in real time, are critical in regulatory compliance and cost savings.
Environmental Health and Safety remain paramount in risk management strategies. Spills, blowouts, and a dangerous work environment in the field are critical factors to address, subsequently more important as we drill and produce in less time. In this fast faced environment it is critical that short cuts are not taken. Solutions to manage this multi-faceted environment are necessary to keep the operators on top of all the moving parts.
Why operational risk management? Operational risk is fully in your control.
Some industry pain points in managing information and operations include the following:
Timely and accurate data. We continue to hear the pain from operators of not having reliable and quality data. With poor data quality, it becomes more difficult to drive down costs
In many cases it is more cost effective to abandon a well, than to continue to service the well, and spend money on leaseholder fees, and continued, inspections, and regulatory reporting. Knowing when to abandon, or which wells should be abandoned ahead of the others can save costs long term.
How RES handles operational risks:
Published by Trent Marx, President & CEO, at Resource Energy Solutions.