Access to reserves biggest risk for the oil and gas sector
New frontier acreage identified as biggest opportunity Access to reserves is currently the biggest risk for oil and gas companies, said Ernst & Young in its annual report on the top 10 risks for the global oil and gas sector. This is up one place from the 2010 report, replacing uncertain energy policy, which moved to number two."While limits on access are not new, a combination of factors has pushed this to number one: political unrest in North Africa and the Middle East; high oil prices and the growth of new government-backed rivals." said Dale Nijoka, Global Oil & Gas Leader for Ernst & Young, in a press statement.Meanwhile, energy policy is in a continued state of flux in many key geographies and the impact of last year's oil spill in the Gulf of Mexico still felt in the ongoing debate over new deepwater rules and regulations, Ernst & Young added.For the first time this year, health, safety and environmental risks made the list, at number five. This risk reflects companies focus on a more sustainable and robust operating model, more complex operational challenges and the rising power of local community stakeholders.Also for the first time this year, the report ...
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