Project Risk Management in the Oil and Gas Industry

Roles & Responsibilities and Identifying Risks

• Key risk management roles and responsibilities
• Good practices adopted in oil and gas organisations
• Alternative approaches – which is right for your organisation?
• Risk identification

                - Oil and Gas Industry specific techniques
                - Overview of MAR, LOPA, HAZID HAZOP
                - The ‘Bow Tie’ methodology

• Alternative techniques based on team dynamic

                - Sabotage teams

• Categorisation and the use of Risk Breakdown Structure (RBS)

Risk Analysis Techniques

• Alternative Risk Analysis assessment formats & recommended practices in the oil & gas industry

                      - Differences between Qualitative, Semi-Quantitative and Quantitative

• Assessing Impact
• Organisational / Business impact versus Safety / Environmental impact
• Tools and techniques for risk analysis

                   - Sensitivity Analysis

                  -  Expected monetary value analysis

• – Further factors to consider – the people side of risk

                - Perception, past experience and mental outlook

• External factors – regulator activities & the effect of catastrophic incidents in the 
industry
• An overview of Modelling and Monte Carlo simulations
• Risk Analysis outputs

Planning Risk Responses and Implementing Risk Responses

• Risk prioritisation
• Risk response strategies
• Action plan formulation / evaluation
• Appropriate approval / endorsement of action plans
• Implementing and monitoring
• Earned value management
• Reserve Analysis
• Implementing response plans – good practices)

Reporting and Communicating Risk, Extracting Lessons & Lessons Learned

• Risk reporting
• Escalating risks
• Embedding the risk management process
• How to identify and feedback lessons learned

                 - Key risk management lessons from the oil and gas industry and megaprojects in particular
                 - Applying the lessons and how to implement in an organisation