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Environmental Health and Safety Due Diligence on a Greek oil and gas production company (based on data room) [Ref : P0195565 Colombo]
Environmental Health and Safety Due Diligence on a Greek oil and gas production company (based on data room) [Ref : P0195565 Colombo]

CATEGORY: Environment

LOCATION: Greece

START/END: 2013

CLIENT: ERM GmbH

ORIGIN OF FUNDING: Deutsche Bank

Environmental Health and Safety Due Diligence on a Greek oil and gas production company (based on data room) [Ref : P0195565 Colombo]

Type of Services

The following services were provided:

  • Environmental Due Diligence: permits, management systems, water management, wastewater management, waste management, air emissions (GHG emissions included), oil spills, etc.
  • Health & Safety Due Diligence: management systems, major accident hazards, integrity management, emergency response, H&S performance, abandonment/decommissioning
  • Addressing comments / questions from the Bank regarding the due diligence findings.

Staff provided:

Evie Litou – Project Coordinator

Christos Stathis - Key expert

Fotis Evangelatos - Key expert

Description

The project referred to the Environmental and key Health and Safety (EHS) due diligence assessment of the an Oil & Gas company assets located offshore in the Aegean Sea and onshore in a coastal area in Greece, with code name "Colombo". The name of the company and its assets are confidential.

The overall objective of the project was to identify known or potential EHS issues associated with the Colombo assets, and to make recommendations to the Bank in relation to those matters considered to be material to the transaction. The due diligence was held in contrast to the relevant Greek and EU legislation.

The Colombo project comprise of (a) the offshore assets (oilfields, associated production and processing platforms), (b) the onshore assets (processing facility, etc.), and (c) a number of pipelines running between the assets.

In order to carry out the EHS assessment, a review of available EHS information was conducted. This information was held within the Project Colombo electronic dataroom in relation to the Assets. A series of communications were also made between all parties (LDK, ERM, the Bank and the auditee company) to address comments and concerns of the Bank.

The assessment had focused on the main areas of concern and potential liabilities were identified, using a material threshold of €250,000 per issue as a guide. Where considered reasonable, subjective assessments of the magnitude and likelihood of costs were made, expressed as a 'Most Likely Case' (MLC) and 'Reasonable Worst Case' (RWC) costs.

Findings and assessments were finally documented and included in an EHS Due Diligence Report.

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