Oil & Gas | Interview | December 2020
James Wagstaff, SVP PowerAdvocate and Aaron Paul Kelley from Upstream, discuss the current state of risk management in the oil and gas industry.
In recent years, risk management has taken centre stage. Leading energy producers are keenly focused on preserving the safety of their teams. However, there are a host of other risks to prioritise, too, like protecting against cybersecurity risks, enacting effective environmental, social, and corporate governance (ESG), preparing for extreme weather events, and more.
“There’s a huge evolving scope of risks that energy companies need to be more thoughtful about to the same degree that they’ve been thoughtful about and manage safety risks” – James Wagstaff
In the wake of the COVID-19 pandemic, new risks are emerging around supplier financial performance. What happens if one of your contractors goes out of business due to the current environment? Additionally, investors are putting more and more pressure on operators and forcing them to focus more intensely on ESG efforts, in particular carbon capture objectives.