Health, safety and environment are at the top of oil and gas industry’s risk agenda, according to a new report.

Regulatory compliance, price volatility, increase in costs and inflation and energy policy uncertainty also falls in the top five risks this year identified by oil and gas industry executives, according at Ernst & Young.

The new entrant in the top 10 in the research into risks and opportunities in 2013 and beyond is IT security, the analysts said, especially the threat to companies’ operations by cyber attacks or cyber theft.

Dale Nijoka, Ernst & Young’s Global Oil & Gas Leader said: “The oil and gas industry is undergoing an intense focus on safety and environmental risk preparedness and mitigation. In light of corporate social responsibilities, economic challenges and regulatory pressures, it has become increasingly clear that managing these risks is vital for long-term sustainability.”

The report suggests the sector’s most significant risks fall into three key themes – interaction with Government and regulatory bodies, core business focus and risk management and pace of technological change.

Other Ernst & Young’s reports earlier this year found political intervention was the main threat to utility companies and their confidence in global economy was at the highest levels for two years.