Technology’s next frontier in oil and gas? The case for “RegTech” in E&P licence management
I have been a lawyer and regulatory consultant in the oil and gas industry for over a decade. During that time, through various roles on both regulator and operator sides of the fence, I have had a bird’s eye view of how companies, large and small, manage their compliance. Interestingly, despite the huge advances in […]
Measuring the ROI and counting the real cost of compliance in the oil and gas industry
It will come as no surprise to many within highly regulated industries, such as oil and gas or finance, that the costs of compliance seems to be constantly increasing. If there is no obvious fiscal gain from investing in compliance, managers may find themselves wondering whether the potential cost of non-compliance might be worth the […]
5 ways harnessing RegTech will turn compliance from cost center to value driver
The oil and gas industry has some unique attributes that make compliance management hugely challenging. For any business in the sector, meeting this challenge and maintaining compliance over the long term adds significant costs. Reduce focus even for a short while however and, depending on the scenario, the costs of non-compliance can be immense. In […]
When talent departs, make sure the knowledge doesn’t.
How compliance and risk management software can mitigate key person risk in the oil and gas industry. The departure of key staff is considered one of the hardest risks for businesses to mitigate. On top of this, employee retention is a now a bigger issue than ever. Not only do companies have to worry about […]
How to insulate your company from third-party risk
There is some interesting commentary in here on the increasing focus by regulators on managing third party relationships and how oversight of third party execution of responsibilities is critical. Although the examples used are in relation to financial institutions, there are real analogies here with the oil and gas industry – in particular, the pertinent […]
How quickly can your company adapt to political and regulatory change?
If recent events in Norway, Italy and New Zealand (to name but a few) teach us anything, it’s that we can no longer afford to be taken by surprise by politicians. With every new government and shifting political alliance, the potential increases for major regulatory change within the oil and gas industry. Political drivers of changing oil and gas regulation Concerns […]
What is so special about enery and resources that it requires a purpose-built compliance management system?
“That exploration well isn’t going to be drilled next year, because nobody told me and I’m the person who orders the long-lead items”. How many of you have overhead similar water-cooler comments or heard murmurs that a joint venture disagreement or a delay with a landowner contract is jeopardising the drilling of a committed exploration […]