Managing Project Risks in the Oil & Gas Industry
Course Introduction
The oil and gas industry operates in one of the most complex and high-stakes environments, where projects face a unique combination of technical, financial, regulatory, and geopolitical risks. Managing these risks effectively is critical to ensuring project success, maintaining safety, and optimizing investment returns.
This training course provides participants with a structured approach to identifying, assessing, and mitigating risks throughout the project lifecycle. From exploration and drilling to production and decommissioning, every phase presents challenges that require strategic risk management.
Participants will gain insights into industry-specific risk factors, including volatile market conditions, environmental concerns, supply chain disruptions, and stakeholder expectations. Through real-world case studies, practical frameworks, and interactive discussions, this training course equips professionals with the tools needed to develop robust risk management plans and make informed decisions in high-pressure situations.
Course Objectives
This training course will take delegates through real-life oil & gas projects, using case-studies to develop and evaluate best-practice tools & techniques. This method will provide valuable insights into the challenges, and strengths, that an effective risk management process can provide in such a dynamic and volatile industry sector.
At the end of this training course, participants will:
- Develop key risk management competencies such as developing an appropriate risk process for an organization in the oil & gas Industry
- Understand the key roles, responsibilities and activities associated with project risk management
- Understand how best to apply appropriate tools and techniques to optimize risk management for your projects
- Learn to deal with the changing nature of risk through a stage gated project process
- Understand the human side of risk in terms of risk perception
- Understand the crucial challenges and lessons learned associated with oil and gas project risk management
Who should Attend?
This Managing Project Risks in the Oil & Gas Industry training course is suitable to a wide range of professionals but will greatly benefit anyone working on, interfacing with, or providing governance with respect to oil and gas projects:
- Project Managers
- Project Risk Managers
- Project Service Managers
- Commercial Management
- Project Engineers
- Procurement & Logistics
- Project Planners
- Project Estimators & Cost-Controllers
Course Outline
Project Risk Management Fundamentals
- What is Risk?
- The Risk Management Process
- Key Risk Management Roles and Responsibilities
- The Dual Nature of Risk: Threats and Opportunities
- Integrating Risk Management into Project Management
- Planning Risk Management
- Project Risk in the Oil and Gas Industry
Risk Identification Processes
- Risk Identification Tools & Techniques
- Categorization and the Use of Risk Breakdown Structures (RBS)
- Consequential Risk Identification
- Managing Risk through Project Estimating
- Managing Risk through Earned Value Management
- Schedule Risk Management
Risk Analysis Techniques
- Qualitative Risk Analysis
- Bow-Tie Risk Analysis
- Risk Matrix Sizing
- Quantitative Risk Analysis
- Monte Carlo Simulations
- Decision Trees & EMV
- Risk Management through Integrity Assurance
Risk Response Planning & Strategizing
- Risk Prioritization
- Risk Response Strategies
- Response Planning & Analysis
- Alternative Responses
- Response Validation
- Contingency & Management Reserves
Risk Response Plan Implementation & Control
- Resource Management
- Risk Control Guidelines
- Escalating Risks
- Risk Reporting & Documenting
- How to Identify and Feedback Lessons Learned
- Course Summation & Work Session Review