Risk Management Strategies Required for Unconventional Oil and Gas Exploration and Development in Latin America
3
Citation
49
Reference
10
Related Paper
Citation Trend
Abstract:
Abstract Lack of information, ambiguity, uncertainty and differing risk perceptions among stakeholders have generated an atmosphere of distrust that hinders unconventional oil and gas (UOG) exploration and development E&P. The objective of this paper is to identify the risk management strategies required by E&P companies focused on UOG to control and communicate operational, HSSE and social uncertainties. Firms should use the proper risk management tools and communication strategies to effectively cope with uncertainties and generate trust to obtain the Social License to Operate (LTO). Operational risk management, resilience, antifragility and the Risk Governance Framework, with a focus on effective communication, are key to generate long-term confidence, a requirement for situations characterized by uncertainty, complexity, or ambiguity. The authors update the general matrix for risk management strategy considering the uncertainty category, with the inclusion of antifragility, as a management strategy in pursuing opportunities. An analysis of key uncertainties, taking into account social factors and mitigation plans to control such uncertainties and satisfy stakeholder perceptions is presented. This holistic risk assessment approach incorporates results from interviews and observations of top industry performers in Latin America to identify best practices successfully implemented by those companies to counter ambiguity. To facilitate its implementation, the authors propose a comprehensive five-step risk management process. We conclude that E&P companies can effectively mitigate operational, HSSE and social risks by incorporating strict regulation compliance, leading edge technologies, best practices in operations, engagement with stakeholders, effective communication and direct community investment. Moreover, together with an antifragility approach, that incorporates optionality, hormesis, nuanced risk-taking and redundancy, it is possible for companies to capture the underlying opportunities within uncertainty and position them to adapt and grow. By applying these novel approaches for risk management, we hope to increase visibility regarding the convenience of hydraulic fracturing and provide firms with more reliable risk management practices to facilitate the obtainment of the LTO.Keywords:
Stakeholder Engagement
Stakeholder Engagement
Stakeholder Analysis
Cite
Citations (138)
Stakeholder involvement in health care research has been shown to improve research development, processes, and dissemination. The literature is developing on stakeholder engagement methods and preliminarily validated tools for evaluating stakeholder level of engagement have been proposed for specific stakeholder groups and settings.This paper describes the methodology for engaging a Study Advisory Committee (SAC) in research and reports on the use of a stakeholder engagement survey for measuring level of engagement.Stakeholders with previous research connections were recruited to the SAC during the planning process for a multicenter randomized control clinical trial, which is ongoing at the time of this writing. All SAC meetings undergo qualitative analysis, while the Stakeholder Engagement Survey instrument developed by the Patient-Centered Outcomes Research Institute (PCORI) is distributed annually for quantitative evaluation.The trial's SAC is composed of 18 members from 3 stakeholder groups: patients and their caregivers; patient advocacy organizations; and health care payers. After an initial in-person meeting, the SAC meets quarterly by telephone and annually in-person. The SAC monitors research progress and provides feedback on all study processes. The stakeholder engagement survey reveals improved engagement over time as well as continued challenges.Stakeholder engagement in the research process has meaningfully contributed to the study design, patient recruitment, and preliminary analysis of findings.
Stakeholder Engagement
Stakeholder Analysis
Patient Participation
Cite
Citations (7)
This stakeholder checklist is a tool to support the identification of the types of stakeholders who are likely to have a role in priority-setting policy work in low and middle-income countries (LMICs). The checklist was developed to guide the initial technical support provided by IDSI in its engagement with a new country, but we believe it can also be a useful tool for any organisations or individuals engaging in similar work. The stakeholders who may be involved in the process of decision making (including follow-up and review) will often be specific to the type of allocation problem under consideration. We have aimed to make this tool general, so it is a tool for a broad range of problems. Not every stakeholder need necessarily have a role in every situation. This tool lists the categories identified in IDSI’s capacity building framework and indicates questions we deemed helpful for identifying stakeholders and their institutional affiliations. The checklist is most likely to be useful in settings where there is limited experience of, or resources for, stakeholder consultation and participation. Further, once the stakeholders are identified and a specific policy proposal is defined, it can serve as a first sage in an analysis of potential stakeholder roles.
Stakeholder Engagement
Identification
Stakeholder Analysis
Cite
Citations (2)
Abstract Stakeholder engagement is increasingly expected by funders and valued by researchers in clinical and translational science, yet many researchers lack access to expert consultation or training in selecting appropriate stakeholder engagement methods. We describe the development of a novel Stakeholder Engagement Navigator webtool. We conducted an environmental scan and literature review, along with investigator interviews, surveys, and engagement expert facilitated group discussion. We formally reviewed and cataloged 29 distinct engagement methods. To develop the webtool, we used an iterative design process that followed Design Thinking phases: empathize, define, ideate, prototype, and test. As prioritized during user testing, the Stakeholder Engagement Navigator webtool both educates and guides investigators in selecting an engagement method based on key criteria. The V1.0 Navigator webtool filters methods first by purpose of engagement (noted by 62% of users as the highest priority criteria), then by budget, time per stakeholder interaction, and total interactions. The tool is available at DICEMethods.org. The Stakeholder Engagement Navigator webtool is a user-centered, interactive webtool suitable for use by researchers seeking guidance on appropriate stakeholder engagement methods for clinical and translational research projects.
Stakeholder Engagement
Stakeholder Analysis
Cite
Citations (9)
An objective of iDSI in its early development was to ‘enhance communication and engagement between key stakeholders, public and private, in the process of HTA development and of priority-setting.’ Meteos was contracted as an iDSI partner to support this objective, specifically with the responsibility to gather stakeholder perspectives, to convene a stakeholder meeting, and to produce a set of recommendations on ongoing mechanisms for stakeholder engagement by iDSI. To meet these objectives, Meteos undertook a stakeholder consultation through interviews with a wide range of stakeholders. This report summarises the outcomes of interviews conducted in May-July 2015. This document covers the two main questions for this exercise: stakeholder perspectives on iDSI’s impact, and views on iDSI’s approach to stakeholder engagement.
Stakeholder Engagement
Stakeholder Analysis
Public Engagement
Cite
Citations (0)
Background: Stakeholder-engaged research is an umbrella term for the types of research that have community, patient, and/or stakeholder engagement, feedback, and bidirectional communication as approaches used in the research process. The level of stakeholder engagement across studies can vary greatly, from minimal engagement to fully collaborative partnerships.
Stakeholder Engagement
Community Engagement
Stakeholder Analysis
Public Engagement
Community-Based Participatory Research
Cite
Citations (32)
This paper identifies best practices for stakeholder engagement for Research & Development (R&D) organizations, describes findings, and makes recommendations. We identify 106 best practices for stakeholder engagement, which came from 19 sources, including corporate publications, governmental sources, standards organizations, and other similar organizations. We identify sources, review them for best practices, place the best practices into a database, group the best practices, and document our findings. We group these best practices into the seven separate objectives: 1) identify stakeholders, 2) diversify stakeholder relationships, 3) improve stakeholder communication, 4) increase all stakeholder engagement activity, especially strategic and customer stakeholder engagement activities, 5) manage stakeholder expectations, 6) increase stakeholder value and alignment, and 7) increase strategic stakeholder relationship strength. Two important best practice findings are that (a) stakeholder engagement should be a dynamic, ongoing process and (b) R&D organizations should systematically identify and prioritize strategic stakeholder engagements. We recommend that R&D organizations develop a decision support tool to identify and prioritize strategic stakeholder engagements, and then use this tool to develop and implement strategic engagement plans.
Stakeholder Analysis
Stakeholder Engagement
Best practice
Stakeholder Theory
Cite
Citations (4)
Stakeholder Engagement
Public Engagement
Cite
Citations (6)
Stakeholder Engagement
Stakeholder Analysis
Project stakeholder
Cite
Citations (95)
Abstract Stakeholder engagement in research is increasingly viewed as making a major contribution to assisting impact. This paper draws on a longitudinal, prospective impact study exploring stakeholder engagement in a 3-year tobacco control research project which used stakeholder engagement in the development, testing and dissemination of its return on investment tool. The paper presents the challenges of data collection when undertaking prospective research on stakeholder engagement in health-related research. The impact study used mixed methods of data collection to explore stakeholder engagement in the target project, comprising surveys, interviews and observations of meetings and events involving stakeholders. Stakeholder engagement that actually occurred in the target project, and the data collection methods of stakeholder engagement that were actually used in the impact study, varied substantially from those intended in each case. Data collection for the impact study was dependent on the target project’s stakeholder engagement, which became substantially reduced. Modifications to data collection for the impact study were required. One of the reasons for the reduction of stakeholder engagement was linked to constraints on the target project to meet non-negotiable deadlines. Another factor was concerns about overburdening stakeholders. The knock-on effect of reduced stakeholder engagement highlighted the impact study’s lack of control over its data collection, which was related to the prospective nature of the study. The authors acknowledge that an advantage of a retrospective approach over a prospective one is researchers knowing about data availability and accessibility from the outset. However, the prospective approach of the impact study enabled insight into stakeholder engagement in real-time: how and when it occurred, the challenges, and the experiences of stakeholders and the target project researchers. While the quantity of data gathered was considerably less than anticipated, the quality of data was rich and enabled the impact study objectives to be achieved. With increasing emphasis on public engagement in research and calls for engagement to be evaluated for impact, this paper aims—by highlighting the challenges the impact study experienced—to provide some insight to future research that seeks to respond to those calls.
Stakeholder Engagement
Stakeholder Analysis
Project stakeholder
Cite
Citations (5)