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EAGE Forum - ‘Non-technical Risk in the Upstream Business’

Tuesday 02 June 2015, 10:00 - 12.00 hrs., Room N103

The globalization and economic growth expanded the oil industry virtually everywhere in the world. The displacement to new countries and frontier areas caused an increase in operation and drilling costs, as well as an environmental and social impact, particularly on local communities. In addition to this, companies had to rapidly react to get additional sources of capital and adapt to the new environmental conditions. As a result, new stakeholders began to influence on the company’s investment and operational decisions. ONG’s began to raise new issues about business sustainability, environmental and safety impacts that made the oil industry to increase the Health, Safety and Environmental (HSE) standards, as well as to better plan the project execution. In a very short time, the legal authority shifted from national governments into local communities, where the legislation framework was not necessarily what was written on the contracts and licenses. Local community interest not included in the License contract affected the exploration and production activities and in many cases it caused the interruption of the operations, causing not only a strong impact on the company revenues but also on the image and reputation.

The Forum will discuss the Non-Technical Risks on the Upstream Business. Some of these risks are included in the following:

  • Market hydrocarbon prices and conditions
  • Social and Political Changes
  • Culture and Religion of local communities
  • Company Image and Reputation
  • Safety and HSE rules
  • License, contracts and local community conflicts
     
Forum moderator
M. Daly (Macro Advisory Partners)
Forum members
M. Gallego (ERM)
P.A.M. Garcia (Repsol)
C. MacGregor (Schlumberger EU & Africa)
J. Cubes san Salvador (CEPSA)
A. Paardekam (Shell)