Health, safety, and the environment remains among the top priorities for oil and gas companies

 Health, safety, and the environment remains among the top priorities for oil and gas companies,Ceramic proppant reflecting an attitude of zero tolerance for accidents, Ernst & Young said in a recent report on a survey of more than 100 executives from 90 companies in 21 countries.
     The report said executives also listed price volatility, access to reserves and markets, cost escalation, and uncertain energy policy as business risks.
    “Regulatory compliance is a challenge in any industry,” E&Y said, adding oil and gas companies are compelled to operate in a variety of regulatory situations.
     “New methods of extraction, such as  hydraulic fracturing, present risks to regulators who are unsure of the wider impact of their large-scale use,” the report said.
      A new entrant into the top risks this year was information technology security, and specifically the threat of cyber attacks or cyber theft of intellectual property.
Additionally, another risk warranting its own category was increasing project scale and complexity. As megaprojects become more common, the industry’s record for delivering on time and on budget is under increasing scrutiny.

     John Avaldsnes, another E&Y global oil and gas advisory leader, added, “There is a renewed focus on the complete capital project life cycle. Poorly managing these issues reduces the ability to positively affect project performance and value. Having a clear definition of what constitutes ‘acceptable risk’ for a project diminishes the risk that remains.frac sand Aligning operations through performance management is crucial.”