Initiatives in Enterprise Risk Management at ONGC Videsh

The second batch of 12 executives of ONGC Videsh including Regional Presidents (risk owners, risk cell and core team members) were imparted two days’ Enterprise Risk Management (ERM) training by M/s BSI Group India Pvt. Ltd. on 3-4 November, 2015. With this, 25 executives have undergone this training in 2014-15. Director (Finance) addressed the valedictory session and interacted with the participants. Director (Finance) stressed on the importance of Risk Management for oil and gas sector, where uncertainties like crude oil pricing, geo-political situations, changes in regulations, environmental risk, exploration risk etc. can have a great impact on the company.

Photo 1

 Mr. S.P Garg, Director (Finance) addressing the valedictory session of training

Photo 2

Executives engrossed in the test conducted during training

Further, ONGC Videsh is in the process of mapping project-wise risks alongwith their root causes and mitigating factors. As a part of this exercise, brainstorming session was conducted for MENA (Middle East & North Africa) Business Unit chaired by Director (Operations) on 6th November, 2015.

Photo 3

 Mr. P.K. Rao, Director (Operations) chairing the brainstorming session of MENA BU

The brain storming session, which focused on mapping the risks of GNPOC Sudan, GPOC & SPOC South Sudan, Iran, Iraq, Syria & Libya projects was participated by 25 executives of the BU & related groups. While addressing the participants, Director (Ops.) stressed that ERM should be integrated with day-to-day working and optimizing operational cost in view of falling crude oil prices. The geo-political situation of MENA projects was also the focus of the deliberations.

A similar exercise for Carabobo Project Venezuela was carried out with expats of Indian companies (ONGC Videsh, Indian Oil & Oil India) at Puerto-La-Cruz Venezuela on 31st October, 2015 and for Sancristobal project at El-Tigre Venezuela on 1st November, 2015 by a team led by Head Risk cell.

Photo 4

 Brainstorming session in progress at Venezuela

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