Sustainable and Responsible Exploration and Production Operations Through Sustainable Risk Assessment Register and Matrix – A Suggestion for the Industry

Abstract

Carbon emissions due to oil and gas exploration and production activities remains significant. In general, the industry widely continues its conventional operations, while it slowly navigates its way through energy transition towards net zero carbon emissions. This paper presents a suggestion on the importance of incorporating a sustainable risk assessment register and matrix in all current operations planning to address carbon footprint before the industry fully transitions itself into a net zero modest of operandi. Due to the growing demand in considering socially responsible criteria's in managing day-to-day oil and gas business through the principals of Environment, Social and Corporate Governance (ESG), carbon emissions are the key focus area in this implementation of a sustainable risk assessment register and matrix for the oil & gas industry. The five different risk assessment categories which oil and gas companies should consider when addressing carbon emissions through a dedicated sustainable risk assessments register and matrix for each operational activity are classified as: qualitative, quantitative, generic, site-specific and dynamic risk assessments. Actual quantification of expected carbon emissions which is not commonly in practice [CM1]now becomes utmost important as an input to define mitigating actions, working towards carbon capture and/or eliminating carbon emissions. Creative problem solving such as through the adaptation of new technologies, process improvement and revamping well unloading program to reduce carbon emissions [CM2]through a sustainable risk assessment register and matrix, will allow the industry to demonstrate actual data and efforts in addressing climate change issues as the industry transitions to net zero carbon. The Reservoir, Wells and Facility Management (RWFM) organization becomes crucial to pull together and facilitate different stakeholders’ involvement throughout the lifecycle of a project to ensure every aspect of the project planning takes into consideration risks exclusively associated to carbon emission and work towards minimizing or eliminating them. The development of this sustainable risk assessment register and matrix will contribute to social implications by acting as a reference point for all oil and gas operators and service providers in the world to produce sustainably and responsibly at the current moment while the industry makes a shift to net zero emission. This initiative will also provide an opportunity for the oil and gas industry through the collaboration of RWFM to work in accordance and embrace Sustainable Development Goal 7 and Goal 13 (SDG 7 and SDG 13) of the United Nations.