Oilsands Project: Review of risk management practices and recommendations
A leading North American Oil & Gas operator with conventional and unconventional oil & gas projects was aggressively developing Canadian Oil Sands assets. The size, uncertainties and risks of oil sands megaprojects was new to the operator. The operator acknowledged the need to step up and revamp its risk management system as the existing system was unsatisfactory and not up to the high stakes of the project. Thanks to its deep risk management expertise and experience, Oxand was commissioned to carry out this revamping project. In order to establish a baseline, Oxand conducted an independent audit (maturity assessment) of operator’s current risk management system.
At the end of the study, the value added were:
- A quantitative understanding of the state of the current risk management system, its strength and weaknesses
- A baseline to set targets for the major revamping of the risk management system
- Focused recommendations to meet the maturity target set by the operator for all assessment categories and development of a risk management framework for Thermal Heavy Oil business unit