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The Current State of ERM

Natural gas processor Phoenix Park considers even remote risks, but most companies don't look beyond the ordinary.

By Dave Lindorff | Updated on June 01, 2010

Phoenix Park Gas Processors, a midsize public company that operates one of the Western Hemisphere’s largest natural gas processing plants, hasn’t even had a major leak of natural gas, let alone a major explosion. Nonetheless, Eugene Tiah, the company’s president, says that before a recent major expansion of its facility in Trinidad and Tobago in the southern Caribbean, Phoenix Park, which has a “robust” company-wide enterprise risk management system, decided to do a risk assessment of the impact of a major leak of gas or a major explosion.

“We had building facilities in close proximity to the plant,” Tiah says, “and we wanted to figure out what would happen if there was a cloud of hydrocarbon vapor released, and what the effect would be of an explosion on those buildings.”

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