A collection of assets with similar or related activities that form a managed part of the company’s organisation.
Types of business included in the scope of this guidance include exploration, production and development businesses (often referred to as “upstream”); and oil refining, petrochemical, gas processing, logistics and retail businesses (often referred to as downstream).
Source: IOGP Report No. 510, Operating Management System Framework for controlling risk and delivering high performance in the oil and gas industry, International Association of Oil & Gas Producers, June 2014. Global Standards