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Why Risk Management Is Vital for Your Oil and Gas Business and Your ESG Score

In recent years, many investors have become increasingly concerned about how we are impacting the environment. Some investors have decided that they don’t want to invest in businesses that don’t take steps to reduce their carbon footprint. As a result, the environmental, social, and governance (ESG) score was created.

Your company’s ESG score evaluates how much your company is affecting the environment and what changes you are making to do something about it. If you have a high score, people might be reluctant to invest in your company because a high ESG score suggests that your business isn’t sustainable and could be more of a risky venture.

 

 

How Can You Lower Your ESG Score?

Environmental risks in the exploration and production stem from pollution at the wellhead, in transport due to spills and leaks, and potential water contamination. These are some of the factors in the determination of an ESG score.  Lowering the risk is key. You need to make sure that your production equipment is up-to-date, running smoothly, and creating as little pollution as possible. If you have a damaged or corroded pipeline, you need to correct the issue before it could lead to potential problems down the road. But how can you keep track of your company’s risk factors without spending excessive time and money?

Enter ProMonitor Integrity. Created and designed by our team at Critical Control, this software evaluates your transport and gathering pipelines and uses multiple variables to give you an accurate risk assessment. You’ll know which pipelines are safe, which pipelines could pose an environmental risk and which pipelines need to be repaired as soon as possible. By taking control of risk management, you’re showing investors that you’re a proactive business owner who operates efficiently and ethically.

ProMonitor Integrity also helps you to pinpoint your focus on the pipelines that need the most urgent attention. Instead of looking at all your pipelines as a whole, you can now identify the biggest risks and make sure that your equipment keeps running smoothly and safely. This can prevent costly malfunctions, oil spills, environmental concerns, and anything else that might threaten to tank your company’s success and reputation.

 

How Can You Incorporate ProMonitor Integrity into Your Workplace?

Our ProMonitor software comes with a wide range of features that make managing your oil and gas company a breeze. Our products are holistic enough to be effective but simple enough that anyone can use them. We will be with you every step of the way to help you set up your software, install it on your devices, and train your employees so that your operations and data collection run smoothly.

If you’re interested in learning more about ProMonitor Integrity, get in touch with us to request your free demo today, or check out our website to discover more about our range of software.

 

References

https://www.sustainalytics.com/esg-data

https://www.criticalcontrol.com/promonitor/

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