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 2016, through a number of internal forums such as the Group Risk Management Committee and Management Team, the Group regularly reviewed the risks which could adversely impact on the achievement of strategic objectives.
Principal risks at the end of 2016:
- Exploration and appraisal
- Sustained low oil and gas price
- Securing new venture opportunities
- Health, safety, environment and security
- Stakeholder reaction to operations
- Fraud, bribery and corruption
- Delay in Catcher and Kraken production start-up schedule
- Operational and project performance
- Reliance on JV operators for asset performance
- Restriction on ability to sell CIL shareholding
- Political and fiscal uncertainties
- Access to internal or external funding
- Staff recruitment and retention