Managing a gas investment project is a very complicated process, both from the technical and organizational side. The technical and technological preparation and implementation of such a project is the domain of engineers who use the available methods, tools and materials as well as technology and are able to prepare and carry out the investment process. This aspect should be complemented by the entire organization and management of the process, i.e. organizing and directing each of the listed elements so that the project is carried out in accordance with the assumed schedule and there are no collisions of tasks, bottlenecks or unnecessary downtime. To this end, appropriate planning is needed, and within it, a risk analysis of the investment project implementation. The aim of the article is to demonstrate the significance of the ex-ante analysis of all premises for the occurrence of risk and the risk itself in the activities of a company implementing a project with the participation of European Union (EU) funds for the success of such an investment. The significance is so high, that before starting the investment process itself, it is necessary to anticipate and establish mechanisms preventing the occurrence or eliminating the effects of risk fulfillment at every stage of the process: planning, review, implementation monitoring and evaluation. The very awareness of decision-makers of the existence of various threats over time allows them to make decisions whether or not to undertake investments, even with access to non-refundable EU funding. The analysis was carried out on the basis of investment projects in the gas sector submitted for co-financing from the European Regional Development Fund under the Infrastructure and Environment Programme 2014–2020.