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After the Macondo oil spill in 2010, we started engaging with ten companies in the deepwater drilling industry. Objective was to gain insight into the risks and investment opportunities, and encourage best practices. We were impressed with the improvements and the sense of urgency we observed.
‘The Macondo incident provided the sector with a sense of urgency’An example is our engagement with CNOOC on practices to maintain well control. These are measures to avoid incidents. CNOOC was a laggard and we informed them that in order to close our engagement they would need to be more responsive to the challenges they were facing. The company then announced that it had put in place a comprehensive Equipment and Facility Integration Management system. This system performed risk assessments for 34 subsea pipelines, 11 platforms, and 40 wells. Following the effective implementation of this management system, the company saw a record low rate of equipment and facilities failures. We believe this highlighted an improved safety level of their well control practices and closed our engagement successfully.