Maintaining comprehensive business continuity plans is therefore vital and should cover a wide range of components, including technology, data, people and process. The ramifications should not be underestimated. Whilst an extreme example, commentators suggest that, were the Forties Pipeline System to shut down for just 48 hours the cost would be £50m per day, affect 80 companies and grind offshore production to a halt.
ISN has lots of experience helping oil and gas operators formulate expansive and robust business continuity plans that stretch beyond IT alone to define:
- Critical activities – Which functions that must remain operational or return to work first?
- Minimum resource requirements – What assets and people must be an operational priority?
- Recovery strategies – When a catastrophic event occurs, what steps must be taken by whom and by when?
- Acceptable recovery time and recovery point objectives – What is considered acceptable loss and how quickly must operations return to normal?
The need for the oil and gas industry to enhance business continuity and emergency response plans has never been greater – natural disasters, cyber security attacks, well control, and other concerns all question coping strategies should the unthinkable occur.
Business continuity plans should be examined regularly. If you would like the benefit of our experience during your next review, or believe you need something more robust in place now please contact us.