Working responsibly

Creating value

We aim to create value for our stakeholders. We do this through a diverse portfolio of exploration, development and production assets.

To maximise value, we focus on exploration activities along the Atlantic margin, with new licences in Mexico, an extensive portfolio in Norway and the UK, and our exploration and appraisal programme in Senegal.

Our non-operated developments in the UK include Catcher and Kraken, with progress towards development on Nova in Norway and SNE in Senegal.

In creating value, we do not compromise our Corporate Responsibility (CR) standards.

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Our strategic objectives

  • Deliver exploration and appraisal success
  • Portfolio management
  • Mature developments
  • Deliver operational excellence
  • Maintain licence to operate
  • Deliver a sustainable business

Our business model

We create, add and realise value for stakeholders through the exploration, development and production of oil and gas within a self-funding business model. Exploration offers material value potential to stakeholders and production provides the cash flow to sustain exploration and development.

  • Create value: We identify assets to add material value through exploration activity.
  • Add value: We appraise and develop exploration assets or acquire new assets.
  • Realise value: We progress development assets through to production and/or realise value through asset sales. We then reinvest the proceeds to fund exploration and development activity, or as returning cash.
Managing risks

Working responsibly means identifying issues that are material or strategic, not only to our business but also to our stakeholders.

Our risk management process determines which issues are material to our business, while our stakeholder engagement process identifies those material to our stakeholders.

These processes enable us to define what matters most to our internal and external stakeholders, influencing our overall objectives – specifically those we set ourselves on CR – and transparently report on them.

By understanding and managing our material risks effectively, we provide greater protection to our people, society, communities and the environment. It also enhances our licence to operate.

We regularly record and review our most significant risks in a ‘risk register’. Along with stakeholder feedback, this is the main source of information we use when determining our material issues.

Working collaboratively

To embed CR into our activities, we provide our project teams with training and support from specialists. This ensures that potential issues and impacts are considered in all aspects of project design and construction, and during operations.

We also work with others beyond our business, such as joint venture partners, industry organisations and non-government organisations, to leverage their experience, expertise and resources.