A series of investigative steps providing assurance that reasonable precaution has been taken to manage risks related to an asset or activity. In the oil and gas industry, due diligence processes are commonly applied before acquisitions or divestments of assets.
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