Government agencies and regulatory bodies have set out strict laws and clear guidelines when it comes to oil exploration and refinement for oil and gas companies. India, too, has a strict set of laws that every oil and gas company must adhere to throughout the entire lifecycle of oil and gas processing. Regulatory compliance in the oil and gas industry can be difficult to manage. Outsourcing to regulatory compliance service management partners like Alp Consulting could save you a lot in time and costs.
What are the Benefits of Regulatory Compliance in Oil and Gas Industry?
1
Remove Corruption
The oil and gas industry has been under more prosecutions under the Foreign Corrupt Practices Act than any other industry. Adhering to regulatory compliance and having clearly demarcated roles and responsibilities and access keeps corruption at bay.
2
Operational Efficiency
Adhering to regulatory standards in the oil and gas industries not only yields better quality of fuel but also increases the efficiency of process and enhances the performance or throughput of oil and gas sources. This is because when standards are followed, costly errors are avoided, which leads to a great savings in costs and time.
3
Save the Environment
The environment is affected by oil and gas drilling operations. It is one of the riskier sectors as far as the environment is concerned. Adherence to regulatory standards ensures that the discharge is safe and within suggested limits and that there is no risk of a spillage or leak anywhere in the pipeline.
4
Improve Health and Safety of Workers
By complying with health and safety regulations in oil and gas, a business can ensure the health and safety of its workers. An example is measures in place to ensure that the people are not harmed when working with flammable liquid or gas. This also reduces the risk of any allegations against the company for lack of safety.
5
Expansion and Market Access
A company that follows standards is also widely accepted. They can easily expand into new markets and gain access to resources that will generate more revenue for them. Countries will be happy to welcome them provided they operate within the regulations prescribed. Jobs are created and dreams are made too.
Our Process for Oil and Gas Regulatory Compliance
Identifying Applicable Laws
We identify the labor compliance rules and regulations that apply to the oil and gas industry. This includes payment of fair and on-time wages, gender equity wherever possible, and abolition of child labor. General rules applying to safety in the workplace must also be followed.
Conducting Risk Assessment
An assessment of all the risks involved is conducted for each stage of the oil and gas extraction and refining process. This involves the safety at the pipeline during drilling operations and during transportation, storage, and the management of waste.
Policy and Procedure Preparation
We will prepare the policies and procedures for the management and documentation of compliance at every step of the extraction and refining process. A list of stakeholders responsible for managing the labor policies of the business will also be done and responsibilities will be assigned.
Implementation and Training
The regulatory compliance rules will be implemented, and training will be provided to the employees on how to manage the workplace and ensure that their rights are safeguarded. They will also be trained in oil and gas regulatory compliance.
Continuous Monitoring
We will continuously monitor the changes made to regulatory compliance in the oil and gas industry and report it to stakeholders within your company. We will help manage the feedback gained from such discussions and implement remedial measures for compliance in your company.
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Our Value Proposition
1
Audit of Labor Law Compliance
100% assistance is provided by Alp Consulting while authorities perform a complete check of the organization's procedures and policies to avoid prosecution.
2
Legal Consequences and Penalties Avoidance
We ensure that you follow the essential norms to avoid penalties, license confiscation, and fines for your business.
3
Regular Monitoring of Contractor Compliance
We will monitor certificates for validity, performance reviews and audit relevant safety records.
4
Professional Tax Management
From verifying slab rates, and checking criteria to remittances, we take care of it all.
5
ESIC Management
All aspects related to ESIC including validation, computation, eligibility, remittance and processing of ESIC claims managed by Alp.
6
PAN India Presence
We have offices all over India, and our HR and candidate network is one of the best in the world.
7
Superior IT System
The presence of a high capability data software system ensures top-of-the-class accuracy and security of data.
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Frequently Asked Questions
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