Internal audit in the oil and gas industry

Internal audit in the oil and gas industry October 2013 Over the past 20 years David Watton has experienced many significant changes to Internal audit within the oil and gas industry . Here, he shares some of these experiences. A brief introduction The oil and natural gas industry comprises the processes of exploration and extraction (known as the upstream activities), refining and transporting (midstream) and marketing (downstream) of petroleum products. The largest volume products of the industry are fuel for electricity generation and transportation, but oil and gas are also the raw materials for many other industries including pharmaceuticals, fertilizers and plastics. The world consumes some 86m barrels of oil and trillion m3 of natural gas per day1, and the oil and gas industry is one of the world's largest in terms of dollar value. The super-major companies, such as ExxonMobil and BP, are the public face of the industry , but the vast majority of the world s reserves of oil and gas are held by state-controlled entities, such as Saudi Aramco and Kuwait Petroleum Corporation.

sensitivities, differences in the workplace and the attitude towards audit. Time management skills are also important if you want to catch your flight home. The importance of good systems of control The Deepwater Horizon disaster in the Gulf of Mexico, which killed 11 workers and caused America’s largest oil

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  Internal, Workplace, Industry, Audit, In the workplace, Internal audit in the oil and gas industry, Sensitivities

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