Compliance for Oil & Gas
It is very important for all Oil & Gas companies to be aware that Compliance is the new Key Word in Information & Data Management.
Why should Oil & Gas companies be worried?
- ENRON was an Oil & Gas Company as well as a trading company that did not comply with its company laws & procedures
- The ENRON, Andersen Consulting & WorldCom scandals captured the public & media attention
- The shock of these scandals has made directors, managers & compliance professionals all around the world ask whether their compliance programs could detect & prevent the next ENRON
- Shell’s recent reserve overestimation and subsequent share nosedive has caused focus to be brought back onto Oil & Gas
How Compliance affects Oil & Gas Data Management
- Over/Under-estimation of Reserves - proving & knowing the integrity of your data
- Company processes and procedures being complied with by all staff, not just management - having processes & procedures in place
- Being Compliant with DTI’s Petroleum Operators Notices (PON) - PON14a&b (oil & gas surveys and shallow drilling) - new reporting requirements & deliverables - PON9 - record & sample requirements for CDA data storage
- The two most pertinent Governance, Risk & Compliance attributes for oil & gas IT/IS departments are:
- To ensure business objectives are understood and people, processes and technology are aligned to support the objectives.
- To ensure Information reported to management, the board and stakeholders is accurate, reliable, timely and complete
Taken from GTS Geotech presentations for Sarbanes Oxley Compliance for Oil & Gas Company
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