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Tighter regulation for the Energy industry

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Environmental technology provider, EnviroSuite (ASX:EVS), has stressed the importance of industry discussion around environmental risk management regardless if developments in environmental policy continue to tighten regulation for companies in the natural resources sector.

In the lead up to the Australian Petroleum Production & Exploration Association (APPEA) conference this year, EnviroSuite has observed that although climate change is still on the horizon, holistic environmental performance still continues to dominate decision making within the industry.

“As a platinum partner of APPEA, we have become acutely aware of the rapid developments in environmental regulation both nationally and globally. Based on our observations, we believe that we will see tighter regulation over the next few years, particularly in the oil and gas sector a heavier focus on operational performance will play a significant part in reducing environmental risks than regulation” said Robin Ormerod, Managing Director of EnviroSuite

“If natural resources do more in terms of proving their environmental compliance standards through better methods of operational performance, the pressure on their social licence to operate will be significantly reduced whilst allowing for more efficiency. There is a possibility for a win-win scenario here for energy companies, environmental regulators and surrounding communities.”

Global and national developments in climate policies and maintaining a social licence to operate will be key features of this year’s APPEA conference, with keynote speakers such as David Snashall and Sabrina Genter of Environmental Resources Management (ERM) discussing the cost of losing a social licence to operate.

EnviroSuite has said that maintaining a social licence to operate could be a risk to natural resource companies in the long term and that getting ahead of environmental compliance through better operational management will be the strongest defence for oil and gas companies and likely lead to a reduction in the cost of meeting regulatory requirements.

“We’re really looking forward to APPEA this year as technology, environmental risk and operational performance are being brought into scope together,” said Robin Ormerod, Managing Director of EnviroSuite

“We’ve analysed the insights produced by our environmental management technology, EnviroSuite, on the sites that we currently monitor and are aware of the costs involved in monitoring resource extraction sites, ports, mines and other utilities without embracing operational management technology.

“These costs are substantial, given that we can already significantly reduce them by employing our technology while greatly assisting companies meet their compliance requirements whilst also enhancing operational performance. This essentially protects their social licence to operate and maximises efficiency gains at the same time.”

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