Operational Risks

Operational risks require us to have robust internal processes and systems in place.

Risk Mitigants Responsibility at functional level Change
(2014 on 2013)
Health, Safety and Environment (HSE) and Security incident risk
  • Ophir is committed to maintaining robust health, safety, security and environmental management and procedures in place in order to respond to unexpected events that have a direct impact on the Company and the communities it works alongside.
  • Thorough risk assessments to develop robust mitigation and response measures are designed and overseen by management and the Corporate Responsibility Committee which meets regularly to review and monitor compliance.
  • Comprehensive oil spill and emergency response plans are always in place with regular training in the procedures taking place with specialist service providers.
  • The Company has clear in–country control measures.
 Director – Security and Surface Risk ↑
Drilling operations
  • Ophir maintains clearly defined operational procedures.
  • The contracting and procurement process ensures suitably qualified contractors are employed and trained in Ophir’s best practices.
  • Regular training and continued monitoring of staff adherence to HSE procedures.
  • The Company frequently reviews project management techniques.
 Director of Drilling ↓
Discovery risk and success rate
  • To achieve value creation through exploration the Company has technically and regionally experienced management and geoscience teams with a proven record of success.
  • To reduce risk, substantial technical analysis is undertaken to evaluate and manage opportunities.
  • During 2014 Ophir has significantly rebuilt its exploration footprint in order to have access to a high-graded exploration portfolio of world class potential.
  • Exit licences where the Company do not believe the model of finding and then monetising resource exists.
 Head of Exploration Africa / Head of Exploration Asia →
IT risk
  • Regular monitoring and review of IT security vulnerabilities that could lead to information security breaches.
  • Various standard industry systems and processes in place to manage security, power outages and network disruptions, thereby minimising downtime to operations and corporate offices.
 Director – IT →
Availability of rigs and services
  • Regular market review of services and rig availability occurs. Engagement of experienced advisors to ensure a rapid response to opportunities and an ability to close binding agreements quickly.
  • A dedicated drilling project manager and Contracts and Procurement (C&P) Manager ensure a clear contracting strategy and project plan are produced early in the procurement planning stage.
 Director of Drilling ↓