energy industry_evolving risk_ marsh

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THE ENERGY INDUSTRY: AN EVOLVING RISK LANDSCAP

OVERVIEWThroughout the last decade risk landscapes have evolved,

often dynamically, such that today, the risks faced by many

enterprises have proliferated and are larger and more

inextricably linked than ever before. Relief is not at hand:

according to the World Economic Forums Global Risks

2012 report, macro risks will become increasingly complex

and interrelated over the next 50 years, as constellations

of risk overtake singular risk silos in representing serious

threats to global prosperity and security.

The purpose of this paper is to consider the evolution of

energy risks in the context of the global macro-risk picture; to

anticipate evolving high-level energy risk trends that shouldperhaps loom large on the radar screens of industry risk

managers; and, to offer insights on potential risk mitigation

and treatment techniques.

Never before has the function of energy risk management

been more challenging, nor offer those that do it well such

significant competitive advantage over those that are

merely adequate.

Energy sector risk managers need to ensure they have

addressed key issues in this new reality of risk:

Risk magnitude has grown such that traditional risk

transfer capacity may be found wanting unless

complemented by new or evolved solutions. The size of

an insurance recovery is only half the story: experience

has demonstrated that when losses threaten balance

sheets, the rapidity of cash injections via insurance

indemnities is of critical importance.

Risks have an increasing habit of compounding the

ability of a singular incident to ignite innumerable and

perhaps unforeseen consequences which, in turn, may

emit their own shockwaves. These after-shocks may havefar greater impacts than the original occurrence. Risk

compounding presents myriad challenges to risk

managers: it is both difficult to model the consequences

and easy to lose control of event management,

stabilisation and recovery.

Regulatory and organisational insularity undermines

the pursuit of insightful risk management. Effective risk

management should recognise the merits of competition

but also the value of collaboration. Our own research has

shown that energy companies are good at internally

cascading the lessons of their own experience but poor at

learning from the mistakes or insights of others.

The Black Swan moment. Risk managers should

assume that their company will suffer a major loss

regardless of the preventative measures in place, and

that it may bear little similarity to those appearing on the

corporate Risk Register. This insight drives a very much

more expansive risk perspective and one that is an

essential guarantor of corporate survival.

Corporate success or survival may depend more on post-

event agility and a culture of adaptability than pre-event

prescriptive, embedded procedure. Process and regulation

are essential for the conduct of business and may even

exert positive cultural influences from a risk management

perspective. Yet far-sighted risk managers increasingly

look to crisis management, disaster planning and business

recovery as the critical competitive differentiators. Many

actively engage in internal dialogues to align various

stakeholders, for example with boards, human resource

departments and health and safety functions.

Risks may be identified and exposures modelled, but

organisations that are capable of quick-witted problem-

solving and decisive remedial action perhaps at multiple

customer and media interfaces mark themselves out as

being elite.

We hope this paper will provoke some consideration of

how well prepared your organisation is to deal with these

pressing risk issues.


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Some of the implications of the shifts are:

Traditional Joint Venture and Production Sharing

agreements are being supplanted by dollar-per-barreltariffs, often triggered or enhanced by built-in

production level targets. At the same time, host states

will naturally seek to impose levies on IOCs in the form of

taxation and royalties, whilst their NOC instruments of

energy strategy may change the balance of risk transfer

to the IOC and seek to moderate investor rewards. These

arrangements may produce a complex risk/reward

environment, which can be dangerous for IOCs and

NOCs alike if there is insufficient alignment of interest.

NOCs may have different drivers to IOC. NOCs may be

subject to OPEC quotas, international relations of the

host government and expectations for their local

populations whereas IOCs may well have rather

different stakeholder priorities such as shareholders,

investors, public relations and downstream customers.

Host nations may seek to exercise control over projects

through a requirement for IOCs to partner with NOCs,

and through their NOCs may become shareholders in

companies that participate in the oil and gas value

chain. This can lead to a number of challenges to both

parties including:

Increased risk to national / strategic / operational

objectives due to additional complexity of operating

with non-aligned partners.

Potential divergence on operating standards may expose

one party to a higher hazard / operational loss exposure.

It may become more difficult to protect intellectual

property.

Increased investment requirement for exploration

activities due to more demanding contract terms.

Sovereign states that are perceived to lack politicalstability risk a contraction of inward foreign investment,

leading to curtailment of project activity and stunted

industry development. By the same token, foreign

investors may risk asset expropriation and an attendant

failed investment. This is not just a developing country

issue as, established democracies are increasingly

viewed as having the potential for fiscal volatility and

unpredictable political dynamics.

There is an increasing trend for NOCs to become

International NOCs (INOCs) as they search for

investment opportunities beyond their own national

borders. This exposes them to political or country risksthat are comparable to those experienced by IOCs.

RISK MANAGEMENT STRATEGIES

Undertaking political risk assessments before embarking

on new investments, perhaps in new geographies,

enables organisations to consider the stability of political

and fiscal environments, the robustness of the legal

framework and the potential consequences from

plausible change. Depending on the nature of the threat,

risk management may range from the lobbying of

ministers regarding the legal framework and fiscal policyto contingency planning for staff repatriation from

territories that have become hostile. Political risk, in all

its guises, should be the subject of robust analysis and

pre and post-loss mitigation: preparedness allows

organisations to respond to incidents in a measured and

controlled manner.

Developed project risk management processes allows for

both transparent risk allocation between partners and

enables considered provisioning for risk events. This in

turn reduces volatility for the balance sheet, and allows for

pragmatic mitigation should risk events materialise.

Supply chain risk assessment that evaluates risks

derived from third parties (suppliers, joint ventures,

investors, contractors et al) is a valuable technique for

understanding dependencies and sources of risk.

Stronger contract negotiation and management through:

Contract risk due diligence and allocation

Joint venture management guidelines

Concentrated budget allocation with tighter due

diligence process to steer exploration activities.

Affinity Partnering. In the coming years, the most

successful joint ventures will likely be those that

emphasise an affinity of interest and recognise the value

that each partner may bring. For example, some

partners may offer technological expertise that is

complemented by the political influence of another.

Choosing ones partners is now much more than a simple

act of capital capture.


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2. INCREASINGLYCHALLENGINGRESERVES

In 2010, global primary energy

consumption grew by 5.6%, the largest

increase (in percentage terms) since

19732

. Oil remains the worlds leading

fuel, at around a third of global energy

consumption3 and in order to meet this

perpetual demand for energy, oil and gas

companies are pursuing more complexresources to meet energy consumption.

Recoverable resources are estimated to be nearly 5.5 trillion

barrels (current proven reserves of oil are 1.47 trillion barrels4)

and current oil prices justify the increased exploration and

production (E&P) cost. This is particularly true for costs

associated with exploiting new reserves whether in the Arctic,

ultra-deepwater or in marginal oil fields using alternative

drilling techniques and enhanced oil recovery.

E&P costs are predicted to increase by over 10% in 2012compared to 20115 as oil and gas companies exploit new

reserves notably including offshore Brazil, the Caspian sea,

Greenland and Canadian oil sands.

Some of the issues facing the oil industry as a result of this

push into new areas of operation are as follows:

There are higher risks associated with extracting

hydrocarbons from harsher, remoter environments. The

Arctic for example is characterised by extreme cold,

varying forms, and amounts of sea ice, seasonal

darkness, high winds and extended periods of heavy fog

and week-long storms that approach hurricane

strength6. This environment places increased demands

on the performance, safety and operability of equipment

and technologies. Deepwater drilling and production

has associated challenges with equipment suitability

and performance. These risks are compounded when

also dealing with high pressure and/or high temperature

wells, which often they are.

There are unknown risks of using new extraction

methods and innovative technologies in new

environments. The risks associated with first of a kind

technology are difficult to fully assess, by virtue of the

lack of data upon which to base an assessment. For

example, the use of fracking to increase shale gas

production requires both investment in research and

development with uncertain returns as well as the higher

risk associated with the implementation of new

technologies. Equally, new technologies and processespresent opportunities to reduce unit costs of producing

oil and gas.

Harsher, remoter environments such as deepwater and

the Arctic are not conducive to dealing with situations

where problems are encountered. Catastrophe liabilities

for drilling contractors and operators are increased in

environments where containment of leakage is complex

and difficult. Furthermore, in environments that are

deemed ecologically sensitive and/or pristine, the

consequences of environmental impact are likely to be

far-reaching.

Reputational risk is heightened for companies operating in

environments that are regarded with significant interest.

Some frontier areas, for example, the Arctic, can be

especially sensitive and both political and social reaction to

any catastrophe is likely to create lasting reputational

damage to both contractors and operators. Control of this

risk is in the mutual interests of all companies engaged in

drilling and production activities another event

comparable to the Deepwater Horizon current could

change the landscape for the whole industry.

From recent catastrophe events (for example, the

earthquake and tsunami in Japan, flooding in Thailand and

Australia, earthquakes in New Zealand, and Deepwater

Horizon in the Gulf of Mexico), it is clear that climate and

weather patterns are changing. So while extractions of

hydrocarbons in new frontiers pose challenges, heightened

natural catastrophe hazards will also complicate extraction

in well known, developed and tested areas.


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An enterprise risk management (ERM) approach to risk

exposures allows an organisation to view and evaluate

risks of a field development. This allows an integrated

and holistic view of likely risk exposures and

opportunities, and helps to avoid assessing exposures in

narrow silos. In particular scenario analysis can be an

effective tool for evaluating new and emerging risks.

Developed and exercised business continuity and crisismanagement plans are effective at planning contingency

measures in the event of an incident. Tried and tested

plans are critical for ensuring events are not left to spiral

out of control and could protect an organisations

reputation if a crisis is deemed to have been handled

successfully.

Applying quantitative risk analysis can help an

organisation understand the exposures in any project.

Analysis can determine likely risk impacts at varying

degrees of confidence and help evaluate the

effectiveness of mitigation measures in controlling thoseexposures.

Whilst the aggregation of risks in some of the frontier

(both geographic and technological) developments

presents new levels of overall risk many of the

component issues have historically been encountered

and managed. A crucial issue though is to be aware of

the existence of those component risks and put in place

plans to manage them so as to reduce the overall risk

level. The recent Marsh publication 100 Largest Losses

suggests that the industry does not always learn as well

as it could from past mistakes especially those made by

others, those made in different parts of the world and

those made some years ago. Deeply embedding the

learning from past losses is a key first step in any risk

management strategy before addressing the more

complex risk combinations.

2BP Statistical Review of World Energy June 2011.

3Ibid

4IEA, World Energy Outlook 2011

5Energy E&P spending to reach record high, Reuters News 5 December 2011, Global 2012 E&P Spending Outlook

6Drilling in Extreme Environments: Challenges and implications for the energy insurance industry, Lloyds 2011


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Increasingly stringent climate change regulations are

anticipated as governments seek to meet emission

reduction targets. Legislation and industry guidance on

greenhouse gas (GHG) emissions and renewable energysources could significantly impact business operations for

energy companies. An example is the variation and likely

flux in biofuel blending rates: as governments aim to meet

renewable targets the use of biofuels is being encouraged.

However, with current overcapacity, it is expected that

blending limits will increase in some countries (for

example, Brazil, Argentina, Colombia) in order to absorb

the excess capacity8. This in turn will impact the project

economics and profitability of biofuels as an alternative

energy source, currently being explored by some oil

majors.

Recent losses have driven shifts in regulatory and public

opinion, especially in relation to the issues of pollution

and other liabilities. In the event of a catastrophic

incident, regulatory priorities will be aimed at both

protecting the public and ensuring wider confidence in

the regulatory process.


Foreseeing changes to regulatory regimes can be aided

through scenario assessment and quantitative analysis

on plausible changes to fiscal and environmental

legislation. Such an approach can be useful in modelling

likely impacts from changes to pricing and costs.

Review and assessment of green / white paper system

(where applicable) allows organisations to maintain

awareness of impending and emerging legislation.

Participation in industry bodies and engagement with

climate change / regulatory panels can help ensure

realistic and phase changes.

Being prepared to react to an incident which does not

directly affect a companys own operations can be

critical to future profitability. Some circumstances may

require plans to protect hard won reputations after a

competitor has caused an adverse impact on the whole

industry. In another global business sector, the recent

cruise ship incident in Italy has led the cruise industry to

remind the public of its historic safety record. Additional

regulatory control may well be a consequence of such

incidents. Being prepared to keep an open dialogue with

government should be part of a companys preparation

planning and pre preposition.

8Global Biofuels Outlook 2011 2020, http://www.globalbiofuelscenter.com/MiscellaneousContent.aspx?ContentId=19


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4. RESTRICTEDAVAILABILITY OFCAPITAL

Oil and gas projects are among the most

capital intensive and as such oil and gas

companies are required to work closely

with banks to secure financing.

Over the past ten years, worldwide costs of developing

production capacity have doubled, largely due to increases

in the cost of materials, personnel, equipment and services.

In 2011, upstream oil and gas investment was forecast to hit

US$550 billion 9% up on capital spending in 2010, and

almost 10% higher than the previous peak in 2008 9.

However, in the current environment longterm financing is

increasingly difficult to procure with contracted markets

and more stringent terms. Capital markets are wary of

taking investment decisions in conditions of economic and

regulatory, tax and legal uncertainty. Significant

commodity volatility also adds to uncertainty around

projecting financing requirements accurately.

There is also limited market capacity to purchase exposure

indemnification and this is viewed negatively by financing

organisations. As a consequence, internal parent guarantees

may be increasingly required by lending organisations,

limiting balance sheet leverage and the transfer of risk.

In short, lack of liquidity coupled with significant payback

uncertainties (caused not least by product pricing volatility)

is making it very difficult to secure finance for many projects.

In particular there is a lack of appetite to lend to the smaller

entrepreneurs who are often the ones at the forefront to

break the mould with technological advances.


Risk tolerance analysis allows an organisation to

establish financial limits and thresholds that determine

the level of volatility its balance sheet can withstand. By

establishing the acceptable amount of financial

impairment that can be retained without a material

impact on the business, it is possible to review

investment decisions to determine if there is sufficient

financial buffer to take into account potential risks.

Project financing scenario / what-if analysis allows

plausible outcomes to be tested against an

organisations risk tolerance and can help inform

investment decisions.

Long-term risk adjusted partnership arrangements can be

negotiated with investors that take into account longevity

and performance of investments and repayments.

A tiered and gated decision-making approach to

investments provides appropriate thresholds for

approving decisions and stage gates ensure that risksare considered throughout the life cycle of a project.

Securing project insurance is usually a key step in

obtaining any project finance. The complexity of many

projects though means that, in the absence of

information to the contrary, insurers often assume worst

case and load premiums and impose restrictive

conditions. An essential early step is to have a full risk

engineering review carried out of the proposed design

and project management plan. Due to the progressive

nature of projects this review needs updating on a

regular basis to ensure the insurance is still matched tothe needs of the project.

9IEA, Global Outlook 2011


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5. ASSET AGEING ANDDECOMMISSIONING

As reserves are depleted in the North

Sea and Gulf of Mexico an increasing

number of assets are reaching the

decommissioning phase. Out of a total

of 630 platform installations in the

North Sea, it is expected that 284

installations, subsea structures and

pipelines may be ready to be

decommissioned over the next

decade.10

Over the last five years forecast decommissioning costs

have more than doubled due to cost inflation but also

more accurate assessments of the scope of work and

experience from current decommissioning projects.11 This

poses a significant cost to oil and gas companies where

historically there may have been no requirement to

provision for decommissioned assets. Costs associated

with decommissioning are difficult to accurately forecast

for a number of reasons:

FIGURE 2: DECOMMISSIONING COSTS FROM 2005 TO 2010.

It is difficult to anticipate when it becomes uneconomic to

keep a well open due to volatility in oil prices and changes

to tax regimes and environmental legislation

Technological advances improve production methods,

making previously uneconomic fields profitable

The track record of removing installations is not extensive,

many of the technological challenges may have yet to be

encountered and so cost estimating can be difficult

There may be alternative uses for structures such as for

gas storage or carbon sequestration

Changes to accounting legislation are impacting on

contingent provisioning versus on-balance sheet

reserving.12

Many of the majors have sold their interest in fields

which are coming off plateau production in order to free

up capital for larger, newer projects. This has meant

many assets are now operated by companies without

the experience or resources of the majors, and with a

dwindling revenue stream to fund ongoing asset

integrity and maintenance.


Effective project risk management allows cost and

schedule analysis to ensure completion to time and

budget. Factoring in decommissioning costs into the

project life cycle allows for provisioning and balance-

sheet smoothing.

10http://www.oilandgasuk.co.uk/cmsfiles/modules/publications/pdfs/OP049.pdf, Oil and Gas UK, 2010 Decommissioning Insight

11Ibid

12IAS 37, http://ec.europa.eu/internal_market/accounting/docs/consolidated/ias37_en.pdf


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6. SKILLS SHORTAGES

Resourcing particularly of technicalskills is a key challenge facing the

industry. This has been well

documented and the oil and gas

industry is in general having to deal

with resource shortages.

In a 2010 survey at Marshs National Oil Companies

conference (see graphic below) recruitment and

retention of qualified workforce was the second

highest concern of respondents.

There are two facets to this issue:

In developed economies there is a reduced pool of

technical graduates / experienced personnel

In emerging oil and gas hubs there is limited

experience in the local talent pool.

As such there is a demographic move from some of the

more established geographies to new developed

economies offering greater rewards.

The dearth of skilled expertise has been attributed to

the following reasons:

Cutbacks of the oil industry graduate programmes

in the1990s

An ageing workforce in developed economies and IOCs

An increased but sometimes unmet demand for

technical skilled resource, in line with the industrys

push to extract resource from increasingly remote

and harsh environments for example there isunderstood to be a serious lack of sub-sea expertise

throughout the industry

This risk is pervasive to all projects and operations and

reduces the capacity to exploit opportunities.

Resources are also a key differentiator in determining

competitiveness, particularly in delivering on the

technical challenges moving forward.

RISK MANAGEMENT STRATEGIES Measures to address the challenge of resourcing stem

principally from how organisations manage their

human capital. Talent management and development

programmes; competitive remuneration; and links

with universities and other academic institutions

should aim to attract and retain the skilled resource.

In a global marketplace, skills inevitably move, but

with those skills come cultural differences. It is

imperative that organisations understand those

cultural differences and the impact they can have on a

risk profile and then manage the risks accordingly.

Due to the skills shortages and an ageing workforce,

inevitably this gap will eventually be filled by

younger and less experienced people. With that

comes the huge attendant risk arriving from loss of

corporate memory. Industry accident statistics

suggest that unless learnings from losses have been

deeply embedded in procedures and standardsand

many are not then mistakes get repeated after 10

years or so when people who suffered the original

misfortune have moved to new positions or new

companies. The insurance sector is well positioned

to ensure some of these losses are understood bythe new generation through Learning from Losses

seminars a regular feature now of Marsh

underwriting surveys.


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7. GEOPOLITICAL TENSIONS

The continued demand for energy sources, the location of resources and thepolitical uncertainty in those regions is arguably the largest macro risk facing

oil and gas companies.

This is reflected in a 2010 survey at Marshs National Oil Companies conference (see graphic below), which

indicates that availability of oil and gas resources is considered the largest risk to the industry. Whilst the

industry indeed presses ahead into more remote and challenging environments, much of the increased

demand for oil will need to be met by Middle Eastern and African countries. Indeed the International Energy

Agency forecasts that 90% of the growth in petroleum supply will come from this region in the next 20 years13.

Of course this region has seen unprecedented political upheaval in the last 12 months with more still likely.

FIGURE 3: RESULTS FROM 2010 MARSH NOC CONFERENCE SURVEY.

13The Importance of the Middle East and North Africa in Providing Energy, R. Takieddine, Al Arabiya News


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Given that an investment has already been made, the

instability and uncertainty directly impacts on the

ability of oil and gas companies to continue operations

from a variety of perspectives:

Political risk impacts on the ability to continue

operations from a safety and security of personnel

and assets protection perspective.

Regime unpredictability increases the credit risk of

key suppliers and customers in the region.

Country risk impacts on future opportunities as

regime instability adds a risk premium to investmentassessments and makes it more difficult to secure

project financing.

Downstream activities in the value chain are

dependent upon a predictable upstream supply of oil

and gas interruption to supply is heightened when

downstream activities are dependent on crude from

politically volatile countries.

Recent events in North Africa, Russia, Venezuela,

Nigeria and Iran all serve to re-emphasise the potential

impact on existing operations.


Effective risk management is not solely about reducing

the negative consequences of risk, it is also about

taking opportunities for innovation and growth. The

challenge remains how to deal with complex macro

risks of this nature.

At the most basic level, having a well defined (and

tested) contingency / crisis management plan that

can be executed in the event of a political risk

incident, should provide a degree of assurance

regarding resiliency.

Key Risk Indicators (KRI) can provide businesses with

metrics for assessing emerging risks and allow for

the measurement of waxing and waning exposures.

Leading KRIs can, for example, allow alert levels to be

raised to the board regarding operations in a specific

territory (or region) and if aligned to a risk

management framework, provide important

foresight in changes to business conditions.

There are a variety of qualitative and quantitative

techniques for identifying and evaluating risk

exposures and these should be applied judiciously

and appropriately to understanding the risks

associated with expanding into, and maintaining a

presence in, certain jurisdictions. A country risk

assessment exercise should address external and

internal variables with detail sufficient to provide

assurance on the risk / reward profile associated with

doing business in a certain territory. This should

include other emerging risk issues such as the rule of

law, human rights and business ethics. At the more

complex end of the risk management spectrum

government lobbying (both local and international)

can influence to an extent the likelihood and impact

of any political or emerging economy risk.


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It is useful to regard ERM as an approach that evolves and becomes increasingly sophisticated with continuous

improvement. In this way expertise in risk assessment builds and develops over time, allowing an organisation to sustain

progress in its risk management capabilities. The table below is a maturity model developed by Marsh that allows

organisations to develop their risk capabilities in a pragmatic and measured way. On the y-axis are six criteria necessaryto develop leading practice ERM, with five maturity levels on the x-axis.

FIGURE 4: ERM MATURITY MODEL BY MARSH.


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CONCLUSIONS

A BETTER WAY TO TREAT RISK

It can be seen from the examples above that risk issues are

extremely diverse in nature and potential impact, even

before we consider ripple effects. Silos of risk (e.g. a new

refinery, an exploration well) may be easily given to

description and evaluation, especially if the parameters of

analysis are informed by accessible data (such as an

investment or replacement value) or data that can be readily

modelled (such as an Estimated Maximum Loss). Tellingly,

our ability to articulate the nature of risk and plan for wider

consequences may break down when we try to envisage

knock-on effects. It seems that the further away from theinitial event we go, in time and effect, the more abstract our

conceptualisation of risk must become, making it very much

more difficult to model impacts and devise response plans.

In part, this is because of the way that many companies

manage risk, and in fact we all too often see corporate risk

management structures that mirror perceived silos of risk

(e.g. treasury risk, operating risk, legal risk, hazard risk) thus

exacerbating the silo effect.

We believe that the future of enlightened risk management

lies in an increasingly holistic approach, so that above the

silo level, risks are assessed for wider, more company-wideimpacts. This approach is often called ERM, which

although regarded as best practice, has in some respects

struggled for necessary recognition and adoption.

An effective ERM process helps to illuminate and model the

wider risk impacts emanating from a single event or indeed

a cluster of events. In such a dynamic environment, large

and complex enterprises will always struggle to identify all

risk permutations. Therefore, successful ERM extends also

to arming a company with the ability to mount superb

responses in the face of unforeseen risk impacts. It is this

very excellence in the face of the unpredicted that helps

mark such companies out as elite organisations.

THE EVOLVING ROLE OF THE RISK MANAGER

Our conclusions about the necessity of ERM leads us to

consider what risk managers can do to help overcome the

limitations of the silo risk approach seen in many energy

companies, large and small. The adoption of ERM within

any given company will to some extent reflect the

organisational structure and culture of that company.

The aspirational risk manager (or whoever is performing

that role, perhaps in addition to other responsibilities)

will seek increasingly to broaden the influence of his or

her office across the business, migrating from a pureinsurance function towards areas such as procurement,

supply chain, human resources and acquisitions and

divestments, risk governance, crisis management and

business continuity planning. Evidently, all of these areas

are either beset with risks or are tasked with mitigating

the effects of risk. By bringing into each of these areas a

profound knowledge of the company risk appetite and

broad risk management expertise, the risk manager can

help optimise the company relationship with risk and,

thereby, the success of the enterprise. The paper entitled

Creating Values Under Pressure: Why National Oil

Companies need risk management in a shiftingenvironment, by o ur sister company Oliver Wyman,

presents some very clear specifics on how he sees an

NOC risk manager should go about this process.


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The information contained herein is based on sources we believe reliable and should be understood to be general risk management and insurance

information only. The information is not intended to be taken as advice with respect to any individual situation and cannot be relied upon as such.

Statements concerning legal, tax or accounting matters should be understood to be general observations based solely on our experience as

insurance brokers and risk consultants and should not be relied upon as legal, tax or accounting advice, which we are not authorised to provide.

AUTHORS ANDCONTRIBUTORS

DANIELLE ANDERSON

Marsh Risk Consulting

[email protected]

WILLIAM BRUCEMarsh Risk Consulting

[email protected]

EDDIE MCLAUGHLIN

Marsh Risk [email protected]

DOUGLAS URE

Marsh Risk [email protected]

SIMON BOXALL

Marsh Energy [email protected]

ANDREW GEOR GE

Marsh Energy Practice

[email protected]

ROBERT ROBINSON


JAY SYRETT


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