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.
To this end the Company commits to produce a Corporate Social Responsibility (CSR) Report as it approaches the execution of its first exploration well 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.
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 Roberta Quant, Environmental Scientist, 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.
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.