Operational Risks

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

Risk Description of risk Control Responsibility Change
(2015 on 2014)
Health Safety and Environment (HSE) and Security incident
  • Oil and gas exploration, development and production can involve numerous risks and hazards, the most significant for Ophir are loss of hydrocarbon containment and the transportation of staff.
  • Ophir is committed to maintaining robust health, safety, security and environmental management, and procedures are in place in order to respond to unexpected events that have a direct impact on the Group and the communities in which it works.
  • Comprehensive HSE and operations management systems including emergency response and oil spill response capability, as well as maintaining asset integrity.
  • Active security monitoring and management.
  • Learning from Group and third-party incidents.
  • Introduction of leading indicator system.
  • The contracting and procurement process ensures suitably qualified contractors are employed and trained in Ophir’s requirements and industry best practices.
Director Security and Surface Risk
Commercial
  • Discovery risk and success rate.
  • Ophir has rebuilt its exploration portfolio in Africa and Asia with high quality operated positions where Ophir has competitive advantage, where drilling commitments are minimised and where the fiscal regime allows material value creation at current prices.
  • This approach enables Ophir to manage the exploration risk by high grading plays in prospective acreage; this focuses attention (and ultimately drilling) solely on the most prospective plays.
  • Ophir is carefully and counter-cyclically building a portfolio of lowcost opportunities with defined exit options for investors in order to decide whether or not to progress to the next phase of exploration.
  • Technical Advisory Committee and peer reviews.
  • Appropriate balance between growth by exploration and acquisition.
  • Report on finding costs.
  • Measuring value of exploration investments.
  • Application of technical excellence and use of appropriate technologies in exploration methodologies.
  • Review new geographic opportunities without impacting focus on strategic core growth areas.
  • Managing risk with partners in existing assets and new ventures.
Director Commercial/ Director Subsurface