Management key to operating firms well amid risks

Oil and gas firms operate in high-tech, often hazardous, and increasingly complex regulated environments. A management system with integrity ensures compliance and provides greater control and transparency across the enterprise, writes Wood Group Intetech's Liane Smith

Regulatory change and the increasing cost of compliance remain top concerns for oil and gas companies. Not only must they ensure compliance across multiple jurisdictions and agencies, but also in a wide range of disciplines and commercial, technical and operational areas that include activities, assets and facilities; financial and tax reporting; and health, safety and environment (HSE). According to the latest figures from Lux Research, spending on HSE alone in the global oil and gas industry will jump 60% to hit $56 billion in 2030, up from $35bn in 2011, driven by increased regulatory scrutiny resulting from heavily publicised environmental disasters. Lux Research expects a continued redu