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Operational risk is the risk of losses caused by flawed or failed processes, policies, systems or events that disrupt business operations. Employee errors, criminal activity such as fraud, and physical events are among the factors that can trigger operational risk. The process to manage operational risk is known as operational risk management.
Operations readiness and assurance (OR&A) is a process used in the performance of primarily oil, gas and energy projects, to measure progress towards achieving the state of "readiness to operate". OR&A also includes an assurance component which gives an ongoing, real-time indication of the likelihood that the project will achieve that state by ...
GM – gas migration; GOC – gas oil contact; GOM – Gulf of Mexico; GOP – geological operations report; GOR – gas oil ratio; GOSP – gas/oil separation plant; GPIT – general-purpose inclinometry tool (borehole survey) [16] GPLT – geol plot log [clarification needed] GPTG – gallons per thousand gallons; GPM – gallons per Mcf ...
The U.S. energy boom looks set to reshape the domestic economy and, perhaps, world energy markets. Commodity prices, however, are volatile and make drillers' results unpredictable. Companies ...
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Samson Oil & Gas Operational Advisory DENVER & PERTH, Australia--(BUSINESS WIRE)-- Samson Oil & Gas Limited (ASX: SSN; NYSE MKT: SSN): NORTH STOCKYARD PROJECT, WILLIAMS COUNTRY, NORTH DAKOTA ...
The role of the Chief Operational Risk Officer (CORO) continues to evolve and gain importance. In addition to being responsible for setting up a robust Operational Risk Management function at companies, the role also plays an important part in increasing awareness of the benefits of sound operational risk management.
Schematic cross-section of general types of oil and gas resources and the orientations of production wells used in hydraulic fracturing. Formation pressure is the pressure exerted by the formation fluids, which are the liquids and gases contained in the geologic formations encountered while drilling for oil or gas. It can also be said to be the ...