People are the heart of our business and their safety is our priority. Our focus on health, safety and environment is reflected in our fully integrated operating management system that defines Karoon’s high expectations of safety and integrity in all operations. Since taking operatorship of the producing Baúna oil field in November 2020 Karoon has been working closely with the Baúna FPSO operator, Altera & Ocyan, to ensure Karoon’s commitment to health, safety and environment is imbedded throughout the Baúna operations, as it is throughout the organisation. This includes linking remuneration to safety performance. Karoon’s health and safety statistics are reported annually in our Sustainability Reports.
Risk Management
Karoon understands that the careful management of risks and opportunities is critical to achieving a successful and sustainable business. Karoon’s risk management framework is well established and is regularly reviewed and updated as our business grows and we respond to the expectations of our key stakeholders.
The process for identifying risks and opportunities is undertaken at several levels within the organisation. Activity level risk assessments are undertaken to ensure no activity is carried out if it poses an unacceptable level of risk to personnel or environmental safety. Project level risk assessments are carried out for any potential investment to seek to ensure both risks and opportunities are identified to optimise investment decision making. Overall business risks are considered in the context of both corporate and operational risks, including and climate-related transition and physical risks, and these are reviewed by the Board on a regular basis. Further details of Karoon’s risk management framework are available in our Sustainability Report.
Cyber Security
The global rise in cyber attacks and the increasingly professional nature of the attacks launched by cyber-criminal organisations are presenting enterprises with the challenge of developing, implementing and constantly reviewing cyber security strategies. Operators of critical infrastructure need to implement a cybersecurity strategy that ensures comprehensive protection of their data, production facilities and critical IT systems. Protection against specific cyber attacks is therefore an important part of the overall IT architecture at Karoon Energy. Karoon’s Cybersecurity Plan uses the four principles of reliability, accuracy, architecture and resilience to protect our systems and prevent intrusions. Further details are available in our Sustainability Report.