ARCTIC DIALOGUE GREENLAND

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1 ARCTIC DIALOGUE GREENLAND Health, Safety and the Environment Assessing, Mitigating and Managing Risk 24 25th SEPTEMBER 2011 Simon Boxall Managing Director Marsh Energy Practice

2 Risk Management What is it and what is its purpose? The necessity of first class Risk Management in Arctic operations Protecting investments and maximising returns Preventing the unthinkable Being prepared if the worst happens. Risk management can be viewed from many perspectives. Four key areas are: Risk Governance (high level) Risk Engineering (technical challenges) Risk Transfer (insurance etc) Disaster recovery / Business Continuity Planning 1

3 Section 1 Risk Governance

4 Risk Governance A High Level Framework Risk Governance: The architecture that governs risk management activities. This should account for both the management elements and the societal context of decision making Monitor, Review and Report Risk Framing Action Planning and Risk Control Risk Identification and Assessment The key features of a Risk Governance framework include: Co operation and Participation of all relevant stakeholders and departments to ensure risks are fully assessed and managed Mitigation of risks to acceptable levels where possible and monitoring of residual high risks Organisational Integration Sustainability of framework risk management activities are pertinent to current risk profile Risk Governance at a macro level typically utilises a three lines of defence approach: First Line management and risk ownership within the business Second Line oversight through a risk management framework Third Line external assurance / audit programme 3

5 1 Risk strategy and culture 1 Risk strategy and culture Typical best practice elements Risk considerations are central to the strategic planning process and core decision making There is an organization wide understanding of risk appetite and tolerance 2 Governance There is an embedded risk culture of shared attitudes, values and goals 3 Identification and assessment Measurement and control 4 Quantification 5 Mitigation 6 Monitoring and reporting There is clear accountability and roles and responsibilities for risk management are defined and understood Risk management is a key component of any major change project Effective communication networks are in place on risk Appropriate training is available and deployed 4

6 2 Governance which ensures the job gets done 1 Risk strategy and culture Typical best practice elements Roles and responsibilities defined and communicated with appropriate segregation of responsibility 2 Governance Board and senior management engaged in management of risk through appropriate structures and governance arrangements Measurement and control Comprehensive and up to date policies: 3 Identification and assessment 4 Quantification 5 Mitigation 6 Monitoring and reporting Overall risk management policy Specific policies to govern risk types and issues Risk tolerance / appetite levels in place Internal audit aligned with risk management process 5

7 Risk Governance Greenland Specifics Key Features Small population limited resource for implementation of an exacting risk governance framework Increased probability of regulatory capture Significant foreign government and NGO oversight Increasing foreign investment in key natural resources Challenging Arctic environment Considerations Risk based allocation of resources in Risk Governance Optimise use of resources by targeting high risk activities for monitoring and reporting Strong scientific approach to resource decision making (piggyback on investment decision making Strong penalty system to put governance onus on investors Inter agency cooperation and demarcation of responsibilities Central oversight with clear accountability between different government organisations (minimise duplication) Standardised metrics to support risk prioritisation and transparent decision making Cross departmental challenge to drive best practice alignment Communication and Reporting Early stakeholder inclusiveness Strong communication and reporting with foreign bodies to ensure participation and leverage in global decision making (climate change and carbon legislation primarily) Third party audit and inspection 6

8 Risk Governance Framework Implementation Considerations Financing Financial requirements associated with the resource and systems needs of a Risk Governance framework can be achieved in several ways: Co jointly financed with the multi national investors Additional surcharge via Royalty or PCS contract structure Increased corporate tax on investors with incremental increase apportioned for Risk Governance Protected Cell structure primarily used for liability provisioning of the multi national investors with potential dividend directed towards Risk Governance Secure external financing from foreign bodies due to external vested interest in robust risk management Stringent penalty system for non compliance Places onus on the investor to embed robust risk governance and apply correct behaviours Fines can be used in Risk Governance activities Resource Requirements Targeted local education in the risk management sphere Strong third party inspection element to deliver a three lines of defence model and counter incountry resource constraints 7

9 Section 2 Risk Engineering

10 Field Development Challenges and Solutions 9

11 Risk Engineering: the Arctic challenge Oil & Gas exploration & development is high risk even in relatively benign environments. Greenland/Arctic poses special challenges: Ice scour (ice keels), iceberg collision Harsh weather, winter storms etc Extreme low temperature Long seasonal ice cover Ice fog Fragile/undeveloped infrastructure Remoteness Polar night Pristine environment 10

12 Risk Engineering: the Arctic challenge What are the operational impacts? Weather conditions will restrict weather windows for drilling, construction and reinstatement following loss - Project schedules are vulnerable as a result Ice preparedness and ice management is critical (e.g. ice drift maps, satellite tracking) Operational planning must detail response plans for a variety of atypical hazard events and response complications: - Fire water freezing on facilities - Under ice blow out / pollution Design phases must be appropriate to conditions - Engineering must be right first time mistakes will be costly and timeconsuming to rectify 11

13 Risk Engineering: the Arctic challenge Winter blow outs the worst case scenario? How will winter blowouts be controlled? Low availability of ice class rigs Mobilisation may be extremely difficulty top kills relatively quick, but relief wells often required (especially for underground blowouts) What if relief well drilling has to wait until Spring? How will under ice pollution be cleaned up? Arctic blow outs are at the technical and environmental frontier 12

14 Section 3 Disaster Recovery and Business continuity Planning

15 Business Continuity Management Phases of recovery Emergency response Activity Incident management Business recovery Business as usual Time 14

16 Business Continuity Management Emergency response First point of contact 24x7 Contact with Emergency Services Safety of staff Protection of assets Initial assessment Liaison and escalation to crisis management 15

17 Business Continuity Management Incident/Crisis Management Protect the business and reputation Make critical decisions regarding response and recovery Deal with stakeholders, the authorities and the media Internal and external communications Invoke business recovery and so it s agreed, in order to sharpen our crisis management skills, we re enrolling in an apology workshop. 16

18 Business Continuity Management Business recovery Continue most critical activities Workarounds Most critical customers Alternative locations Alternative methods Get back to normal 17

19 Business Continuity Management Terminology Business Continuity Management BCM Emergency Response ER Initial control of emergency situation Blue light services safeguarding human life Stabilizing, security, damage assessment Incident / Crisis Management Strategic direction/ policy issues Crisis communications internal and external (media) Outward facing liaison stakeholders, users etc Co ordination of service recovery efforts Business Recovery Phased recovery of business critical processes CM BR 18

20 Emergency Response Plan Incident Management Plan Business Recovery Plan Business Continuity Management The Plans THIS PLANE CONTAINS SENSITIVE INFORMATION AND SHOULD BE TREATED IN A PRIVATE AND CONFIDENTIAL MANNER CONTROLLED COPY NUMBER: 19

21 Section 4 Risk Transfer (Insurance)

22 Risk transfer (Insurance) What is it and what are its benefits? A means of transferring off strategy risks to professional risk takers (underwriters) The premium charged is calculated by assessing the risk (what can go wrong) and exposure (how much will it cost if it does go wrong) Insurance protects investments, existing assets, liabilities and revenue streams Risk transfer allows stakeholders to make investments that would otherwise be too risky business facilitation. Since reward is directly related to stakeholder ability to take calculated risks, effective risk transfer should promote better returns on investment (profit). But insurance processes also apply disciplines that promote excellence in Risk Management, thus reducing operational impacts on Health, Safety, Environment (HSE) 21

23 Risk transfer (Insurance) Insurance implications for Exploration and Production activity in Greenland The main risks to be insured include: Exploration drilling operations >> control of well, redrill, seepage and pollution insurance Liabilities to employees and third parties >> EL insurance, Third Party Liability (TPL) insurance Construction risks >> construction all risks (CAR) insurance Damage to existing property, e.g. drilling rigs, offshore installations, pipelines etc >> offshore physical damage insurance, removal of wreck/debris, evacuation expenses etc. What insurance limits are available? Up to circa USD 3 billion for operating assets (e.g. rigs, pipelines, platforms) Up to circa USD 700 million for separate Control of Well/Pollution insurance Up to USD 1.5 billion for third party liability insurance (including sudden and accidental pollution) Which parties SHOULD be insuring? Rig and vessel operators, oilfield contractors, operators and co venturers and their subcontractors. 22

24 Risk transfer (Insurance) The role of Government Governments can help protect people, environments and investments by: Establishing Risk Governance requirements e.g. technical engineering regulation, emergency response plans, minimum risk capitalisation levels, Health and Safety regulation and audits establishing regulation on compulsory insurances Government can support economic growth by: supporting the development of local insurance markets establishing appropriate taxation of insurance transactions Considering the creation of state insurance companies and compulsory retention of risk (and therefore premium) in Greenland. 23

25 Registered in England Number: , Registered Office: 1 Tower Place West, Tower Place, London EC3R 5BU Marsh Ltd is authorised and regulated by the Financial Services Authority for insurance mediation activities only. Marsh Ltd conducts its general insurance activities on terms that are set out in the document "Our Business Principles and Practices". This may be viewed on our website

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