Project Risk Management

2013 ◽  
Vol 2 (4) ◽  
pp. 79-101
Author(s):  
Jan Terje Karlsen ◽  
Odin Folke-Olsen ◽  
Tim Torvatn
Keyword(s):  
Risk Management ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Project Risk Management ◽  
Management Performance ◽  
Management Tools ◽  
Project Risk ◽  
Gas Industry ◽  
Management Processes ◽  
Contribution Index

This study is about project risk management tools. The aim has been to identify which tools have the greatest potential for contribution to risk management processes in the Norwegian oil and gas industry, and which factors contribute to efficient risk management. Empirical data from the Norwegian industry have been gathered using a questionnaire. The results revealed strong relationships between project system complexity, average tool score and risk management contribution. Furthermore, the results of the analysis show that some of the previous recommendations of tools for project risk management may have been based on a restricted set of determinants. On the other hand, similarities are also found with previous research in terms of the highest ranked tools based on perceived contribution to the risk management performance. Compared to the previous findings, this study indicates that a new measure for project management performance is needed, and that the recommendation of tools based on the risk management contribution index may be flawed. Nevertheless, it is concluded that several of the recommended tools are of great value across industries.

Project Risk Management

2015 ◽  
pp. 250-271
Author(s):  
Jan Terje Karlsen ◽  
Odin Folke-Olsen ◽  
Tim Torvatn
Keyword(s):  
Risk Management ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Project Risk Management ◽  
Management Performance ◽  
Management Tools ◽  
Project Risk ◽  
Gas Industry ◽  
Management Processes ◽  
Contribution Index

This study is about project risk management tools. The aim has been to identify which tools have the greatest potential for contribution to risk management processes in the Norwegian oil and gas industry, and which factors contribute to efficient risk management. Empirical data from the Norwegian industry have been gathered using a questionnaire. The results revealed strong relationships between project system complexity, average tool score and risk management contribution. Furthermore, the results of the analysis show that some of the previous recommendations of tools for project risk management may have been based on a restricted set of determinants. On the other hand, similarities are also found with previous research in terms of the highest ranked tools based on perceived contribution to the risk management performance. Compared to the previous findings, this study indicates that a new measure for project management performance is needed, and that the recommendation of tools based on the risk management contribution index may be flawed. Nevertheless, it is concluded that several of the recommended tools are of great value across industries.

scholarly journals 4.2. Corruption risk management tools in the oil and gas industry

2021 ◽  
pp. 60-65
Author(s):  
О.В. Кадесникова ◽  
Т.И. Сабиров
Keyword(s):  
Risk Management ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Practical Significance ◽  
Management Tools ◽  
Gas Industry ◽  
Oil And Gas Enterprises

В процессе исследования рассмотрены теоретико-методические основы управления коррупционными рисками, а также изучены практические аспекты совершенствования инструментария управления коррупционными рисками на предприятиях нефтяной и газовой промышленности. В результате исследования разработан алгоритм оценки коррупционных рисков на предприятии нефтегазовой отрасли. Практическая значимость заключается в том, что реализация предложенного инструментария управления коррупционными рисками на предприятиях нефтяной и газовой промышленности позволит составить карту коррупционных рисков и сформировать набор индикаторов оценки коррупционных рисков, идентифицируемых на предприятиях нефтегазовой отрасли, с целью разработки мероприятий по минимизации коррупционных рисков наиболее эффективным образом. In the course of the study, the theoretical and methodological foundations of corruption risk management were considered, as well as the practical aspects of improving the tools for managing corruption risks at oil and gas enterprises. As a result of the study, an algorithm for assessing corruption risks at an oil and gas company was developed. The practical significance lies in the fact that the implementation of the proposed corruption risk management toolkit at oil and gas industry enterprises will make it possible to map corruption risks and form a set of indicators for assessing corruption risks identified at oil and gas enterprises in order to develop measures to minimize corruption risks in the most effective way.

Creating the circular advantage for the oil and gas industry

2016 ◽  
Vol 56 (2) ◽  
pp. 585
Author(s):  
Christopher Coldrick ◽  
Rowan Fenn ◽  
David Sahota
Keyword(s):  
Oil And Gas ◽  
Service Providers ◽  
Real Life ◽  
Oil And Gas Industry ◽  
Repair Process ◽  
Materials Management ◽  
Gas Industry ◽  
Management Processes ◽  
Oil And Gas Companies ◽  
The Impact

Maintenance, repair and operating (MRO) materials typically represent 15–20% of the operating costs for a mature oil and gas asset. Of this, a substantial proportion is comprised of high-value repairable equipment such as motors, compressors and pumps. This equipment is often at bottlenecks in the production process and so the impact of materials cost on profitability is magnified by the production ramifications of an outage. Effective management of this equipment is key to the sustainable, profitable operation of any oil and gas asset, and is key to improving the competitiveness of the Australian industry. Oil and gas companies are adopting a variety of models to handle the repair process, with varying degrees of success. Challenges include: poor materials availability and lack of traceability; complex infield materials management processes resulting in costly wastages; difficulty in managing consistency, suitability and specifications of repairs; high cost for those undertaking the repairs; and, correct allocation of responsibility and risk in the materials management process. Developed in collaboration with Australian oil and gas operators, with input from case studies outside the oil and gas industry, this extended abstract discusses the roles and opportunities for the circular economy in helping companies to meet their sustainability and profitability targets. Using several real-life examples, it makes recommendations for vendors, service providers and operators that can have material impact on the profitability of the industry.

ENVIRONMENTAL RISK MANAGEMENT: A PROPOSED SCHEME

1997 ◽  
Vol 37 (1) ◽  
pp. 714
Author(s):  
H.B. Goff ◽  
R.K. Steedman
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Environmental Risk ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Transport Processes ◽  
Assessment Process ◽  
Gas Industry ◽  
Environmental Risk Management ◽  
The Impact

Environmental risk assessment is becoming an increasingly important factor in the assessment process for new projects. The oil and gas industry is familiar with assessing and managing risks from a wide range of sources. In particular, risk assessment and management is fundamental to the evaluation and implementation of Safety cases. Risk assessment is essential in valuing exploration acreage. Various industry and government risk management standards and criteria have been developed for public and occupational health and safety.This paper examines the extension of these approaches to environmental risk management for the offshore oil and gas industry and proposes a conceptual management scheme.We regard risk as the probability of an event occurring and the consequences of that event. The risk is classified into four categories, namely:primary risk, which relates to the mechanical oilfield equipment;secondary risk, which relates to the natural transport processes. For example dispersion of oil in the water column and surrounding sea;the tertiary risk, which relates to the impact on some defined part of the physical, biological or social environment; andthe quaternary risk, which relates to the recovery of the environment from any impact.Generally the methods of quantitatively analysing primary and secondary risks are well known, while there remains considerable uncertainty surrounding the tertiary and quaternary risk and they are at best qualitative only. An example of the method is applied to coral reef and other sensitive areas which may be at risk from oil spills.This risk management scheme should assist both operators and regulators in considering complex environmental problems which have an inherent uncertainty. It also proves a systematic approach on which sound environmental decisions can be taken and further research and analysis based. Perceived risk is recognised, but the management of this particular issue is not dealt with.

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