42
43
Here is the
moment of
passage from
submission
to revolution
depicted by two
figures with a
flaming barrier
in between. Hot
colors are used
to stress the
sacrifices paid
as a price for
such passage
from dictatorship
to freedom.
The figures are
also stylized to
reflect the inner
conflict with fear
and worries of
the future that
precedes any act
of change.
Ziyad Ben Salama
Passage
Operational Risks
Risks that potentially impact on exploration, development and production of hydrocarbons and involve staff, contractors,
communities, suppliers or events that could impact on reputation, cause cost overruns or revenue losses, are:
RISK
MITIGATION
Hydrocarbon reserve and
resource estimates
To ensure fair and reasonable estimates of hydrocarbon reserves and resources the
Company has its year-end estimates fully externally audited. However calculations
contain uncertainties which are inherent in reservoir geology, and depend on the
seismic and well data available.
Government regulations
Changes in laws and regulations could potentially increase or decrease the value
of development or exploration projects. Strong relationships with government
officials in the Company’s countries of operation, enables the anticipation of, and
negotiation on, potentially changed contractual terms.
Political instability
Political stability in countries of operations is of paramount concern for Kuwait
Energy. The Company justifies its exposure in some countries through spreading this
exposure across other diverse assets and through JV arrangements.
HSSE
The company’s Risk Management and HSSE functions collaborate to evaluate safety
and security risks through a rigorous assessment process. This helps to determine
mitigation strategies for the Company, as well as its contractors.
Relations with local
stakeholders
The Company strives continuously for improved relationships with its local
stakeholders through a number of initiatives.
Human Resources
Kuwait Energy considers human resources as an essential component of its project
delivery capabilities and path to successful operations.
The lack of specialized or skilled labour or an inability to attract qualified human
resources would inevitably impact the Company’s operational performance and
target delivery. The Company has processes in place to identify and address the
optimal human resources needs for the business and to boost workforce productivity
through improved attraction and retention.
