Our Approach
Active Risk Management
Managing partnerships and contractors, fulfilling statutory and
social obligations as well as managing a potentially considerable
expenditure profile exposes Bahamas Petroleum Company to a wide
variety of risks. The application of our own processes and systems
to identify, mitigate and contain those risks will be fundamental
to the further development of the Company. A scaling-up of these
activities in compliance with the licence obligations to the
Government will lead to a considerable increase in expenditure with
the letting of additional contracts and recruitment of new staff
during the course of 2012 and will require maintenance of a
continual improvement programme to ensure effective and adequate
management of the risk profile of the Company.
To this end the Company commits to produce a Corporate Social
Responsibility (CSR) Report in the coming year to supplement its
non-financial reporting and to assess and maintain the
sustainability of its operations. The Company expects to be able to
benefit significantly from increased transparency and more clearly
demonstrating its interest and involvement in the environment,
employees, communities and wider stakeholders as well as complying
with greater scrutiny from various investor groups, partners and
governments.
Successful value and wealth creation, especially within the
industry we operate could be compromised without an effective
shared value model that reinforces the 'licence-to-operate'. But
equally, operating in a socially responsible way should not
compromise the purpose and nature of the business - to successfully
find and develop commercial volumes of hydrocarbons - as this is
the value upon which the enterprise is founded.
Please click here to download a copy of our Risk
Committee Charter 423kb (PDF)
Health, Safety, Environment & Security
Bahamas Petroleum Company has established a Risk Committee at
Board level with a wide remit established in its charter. In
addition the company has a Health, Safety, Environment and Security
committee which comprises Simon Potter and Paul Gucwa, Group Chief
Operating Officer (non-Board) which meets regularly to ensure
compliance, standards and currency of processes, systems and
procedures. Bahamas Petroleum Company is committed to providing a
healthy, safe and secure workplace for all employees, consultants,
contractors, service providers and visitors across all facets of
our operations. Our commercial objectives will be no more important
nor should our pursuit of growth be at the expense of harm to
people or the environment. We are establishing adequate policies,
procedures and management systems to take us forward during the
next stage of the Company development and as the management team
expands will take the opportunity to continually re-examine for
currency, relevance and applicability in order to positively
reaffirm their context within Bahamas Petroleum Company. We are
seeking to ensure accountability for delivery of the highest
international standards by ensuring our systems focus on visible
leadership and integration of health, safety, environment and
security into all business practices. There will be an emphasis on
delivering staff training to ensure heightened awareness of risk
and to ensure that contractors also meet all necessary standards.
Bahamas Petroleum Company will be subject to regulations which will
cover all aspects of our exploration and development activities. As
an absolute minimum, we seek to comply with all such regulations as
we operate within The Commonwealth of The Bahamas. Where Bahamas
Petroleum Company has adopted stricter codes of practice in
relation to any aspects of health, safety and the environment
management, then it is these standards that will be applied.
Exploration for energy within The Bahamas can have a considerable
benefit for the economy and people of the country and we keenly
seek the ability to participate in the debate on how these benefits
can be maximised in each of our areas of operation without the need
for compromise.
Please
click here to download a copy of our Health, Safety, Environment
& Security policy. 403kb (PDF)
Community Affairs
Bahamas Petroleum Company's licence-to-operate - especially in
the outer islands - is to a large extent dependent on our ability
to educate and operate closely with the people living in the
communities in which we operate. Bahamas Petroleum Company is
determined to act as a good corporate citizen at all times and
seeks to pursue a partnership with local communities - we believe
that this will be a true source of enduring value for the Company.
Despite the international and complex nature of the energy
industry, Bahamas Petroleum Company is committed to wherever
practicable using local suppliers and employing local skills or
workers wherever possible. To the extent that we import expertise,
we would seek to train national employees so as to bring those
skills permanently into the local market over time.