Principal risks are reviewed at each Board meeting and, at least once a year, the Board undertakes a risk workshop to complete a robust assessment of the principal risks.
During 2017, through a number of internal forums such as the Group Risk Management Committee and Management Team, the Group reviewed the risks which could adversely affect the achievement of strategic objectives.
Principal risks to the Group in 2017/2018:
- Exploration and appraisal
- Volatile oil and gas prices
- Securing new venture opportunities
- Delay in Senegal development plan
- Kraken and Catcher operational and project performance
- Reliance on JV operators for asset performance
- Health, safety, environment and security
- Fraud, bribery and corruption
- Inability to secure or repatriate value from Indian assets
- Political and fiscal uncertainties
- Access to debt markets