I agree with your statement 110%.  I work in mechanical engineering and though it isn't the specific oil business;  I understand the requirements to produce certain  products.  I also understand the liability these products can produce.  Example:  a child's auto safety seat.  If not designed properly or if not properly reviewed and approved by the correct agencies and regulators; the company can be heavily sued if a child is hurt or worse in an accident.  Depending on the nature of the product; a large team of SME's can be required and that can be costly.  I assume the oil industry runs some the highest liability risks and need for oversight of all industries.