Principal risks and uncertainties

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 2018, through a number of internal forums such as the Board, 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 2018/2019:

  • Lack of exploration success

  • Delay in Senegal development plan approval

  • Securing new venture opportunities

  • Health, safety, environment and security

  • Fraud, bribery and corruption

  • Kraken and Catcher operational and project performance

  • Reliance on JV operators for asset performance

  • Access to debt markets

  • Political and fiscal uncertainties

  • Volatile oil and gas prices

  • Inability to secure or repatriate value from Indian assets

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