Facing complex compliance challenges in the North Sea's oil industry?
In the ever-changing landscape of the UK North Sea's oil industry, operators face an ongoing challenge: navigating the wide ranging and increasingly comprehensive regulatory environment. In this environment it’s important to have the best understanding you can of your regulatory data to best reduce risk. In this post, we'll explore the challenge, the reasons behind it, and the potential solutions that Verifi Data Governance can bring.
Operators in the North Sea are faced with a growing risk and more intricate requirements to ensure regulatory compliance. This challenge has been introduced, in part, by the 2016 Energy Act, which has led to more rigorous enforcement of regulatory requirements. Also, in the current climate operators are facing a tighter squeeze of the resources available to manage the range of data types. Assets are changing hands more frequently, so data is being migrated, sometimes multiple times. The result? A more demanding environment in terms of the data types required, data silos and resources required, all with the potential of leading to an increased risk of non-compliance.
So, what can operators do to navigate this complex landscape? The answer lies in leveraging solutions to increase visibility into compliance and non-compliance. Enter the Verifi Framework and platform, which can help a business create a tailored tool that enables updated views from varying sources to fully understand your compliance landscape amongst your key assets.
With a Verifi tailored solution, operators can:
Understanding and working with compliance can now bring benefits, thanks to Verifi Governance Framework and platform. Operators will have access to the risk, compliance, and non-compliance of their well data in easy-to-understand visualisations and reports. This way of working is not just a convenience; it brings multiple value-added benefits in an era where compliance is paramount.
This represents a significant step forward in the industry's ongoing efforts to reduce risk and enhance compliance. By embracing these solutions, operators can ensure that they are not only meeting regulatory requirements but also have the dual benefit of increasing confidence in data and the efficiency of asset teams.
Compliance in the North Sea's oil industry is a complex and ever-changing challenge. But with the right framework and tools combined with a proactive approach, operators can turn this challenge into an opportunity. By leveraging Verifi Governance, they can gain unprecedented visibility into their compliance landscape, reduce risk, and pave the way for a more transparent and accountable future.
