Risk Assessment & Risk Management for Oil & Gas Projects

Course Overview:

This course provides a comprehensive understanding of risk assessment and management principles as applied to oil and gas projects. Participants will gain practical knowledge in identifying, evaluating, and mitigating risks across the entire project lifecycle—from concept development to operations. Emphasis is placed on technical, commercial, environmental, and safety risks using best industry practices, modern tools, and regulatory frameworks.

Course Objectives:

By the end of the course, participants will be able to:

• Understand the nature of risk and uncertainty in oil and gas projects

• Identify and categorize project risks at various stages of development

• Apply qualitative and quantitative risk assessment methodologies

• Utilize tools such as Risk Registers, HAZOP, Bowtie Analysis, and Monte Carlo simulations

• Develop risk mitigation strategies and integrate them into project execution plans

• Improve stakeholder communication and alignment through effective risk reporting

• Align risk management practices with international standards and regulatory requirements

Who Should Attend:

This course is designed for professionals involved in managing, assessing, or overseeing risk in oil and gas projects, including:

• Project Managers and Engineers

• Risk and Safety Analysts

• HSE Professionals

• Operations and Maintenance Leaders

• Compliance Officers and Internal Auditors

• Financial Analysts and Planners

• Technical Consultants and Advisors

Course Outline:

1. Fundamentals of Risk Management in Oil & Gas

• Understanding risk, uncertainty, and opportunity

• Industry-specific risk drivers in upstream, midstream, and downstream sectors

• Overview of key risk management frameworks (ISO 31000, COSO, API RP 75)

• Risk management throughout the project lifecycle

2. Risk Identification and Classification

• Techniques for identifying project risks

• Hazard Identification (HAZID) and Hazard and Operability Study (HAZOP)

• Classification of risks: technical, financial, operational, HSE, geopolitical

• Tools for organizing and capturing risks: checklists, SWOT, and brainstorming

3. Risk Assessment and Analysis

• Risk probability and impact assessment

• Building and maintaining a project risk register

• Qualitative risk analysis tools (risk matrices, bowtie diagrams)

• Quantitative risk analysis (QRA), including sensitivity analysis and Monte Carlo simulations

4. Risk Evaluation and Mitigation Strategies

• Evaluating and prioritizing risks

• Developing risk mitigation and control strategies

• Risk avoidance, reduction, transfer, and acceptance

• Integrating risk controls into design and operational decisions

5. Risk Monitoring, Communication and Governance

• Risk tracking and performance indicators

• Communication and reporting strategies for various stakeholders

• Embedding risk culture and governance in project teams

• Regulatory and compliance requirements (e.g., OSHA, ISO, local standards)

• Best practices in documenting and reviewing risk management activities

6. Application and Case Studies

• Interactive workshop on developing a project risk register

• Case study analysis of real-world oil and gas project risks

• Group exercise: Developing a risk management plan for a sample project

• Lessons learned and strategies for continuous improvement