Undertaking capital projects in the Oil & Gas industry has always been a risky business. Based on the nature of the projects themselves risk is not something that can be avoided, however most risk can be mitigated or eliminated with the right risk management approach.. As a result Risk Management is critical for success of the entire project and, furthermore, integral to the success of the entire company. This training examines the most common Risks and Risk Management activities, their scope and timing and their implications throughout the project life cycle in the Oil & Industry.

Project Risk Classification
• Conceptual risk
• Business risk
• Technology, engineering and design risk
• Project execution risk - from construction through start-up to operations
• Mega-project risk

Effective Project risk Identification
• Qualitative and quantitative risk analysis
• Scenario-based and other risk assessment practices
• Risk matrix
• Bowtie, Butterfly and other diagrams
• HAZID
• HAZOP
• LOPA
• Implications of usage of different models
• Monte Carlo simulations and others
• Sensitivity analysis

Risk Mitigation
• Strategy, planning and implementation
• Risk management plan – IRMP and RMP
• Project costs and schedule controls
• Reporting, document control
• Risk management roles – Integrated project team, project owners and contractors, R&R
• Contracting strategy
• Ways of mitigating various project risks. Best Practices

Risk Management Process and Strategy
• Corporate risk management program
• Major risk drivers
• Risk management as a formal process – stage by stage through the project development, activities, deliverables
• Tracking the risk – lessons learned

• Acquiring the essential skills for successful Risk management in Oil & Gas capital projects
• Learning about possible project risk and effective risk mitigation
• Mastering the most effective means of risk identification
• Understanding a process and strategy to manage various risks in Oil & Gas
• Understand how to implement best practice to achieve top results

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