Risk Management for Projects in Oil and Gas

Overcome the huge risk challenges in projects whose scale, complexity and visibility challenges are unique to the Oil and Gas Industry

This highly practical and interactive programme will help you to:

  • Review the strategic drivers within the Oil and Gas industry which determine how we should be tackling risk management for our projects
  • Understand why oil and gas projects fail and how to avoid this within your own activity
  • Get to grips with key steps to setting up a sound risk management process for any project
  • Evaluate the key factors which drive project risk management success and the vital need for a multi-disciplinary team to provide alternative perspectives
  • Compare best  practice with colleagues from across the global industry
  • Learn in a dynamic, highly interactive and practical environment that will provide you with skills and knowledge to improve your personal and project performance

What is the programme about?

Risk management is a core skill which needs to be carried out more effectively than ever before due to the scrutiny that our activities are placed under on a daily basis. Given the scale, global nature and value of projects in the Oil and Gas industry, this requirement is particularly relevant. Recent environmental disasters, geo-political situations and economic instability have increasingly highlighted the need for applying a risk aware structure to all your projects to manage and control your risks, and mitigate against resultant impacts.

This interactive and challenging workshop provides an opportunity to understand how best to protect value in the capital intensive project environment that we work in. The course is designed to enable practical lessons from the industry to be learnt and applied in a supportive environment to enhance the knowledge and capabilities of each participant.
The expert programme director will review the risk process and how best to apply it over the full project lifecycle. Techniques for identifying, analysing, planning risk responses, and monitoring and controlling risks will be explored and practiced. At all times being mindful of the need for sound health, safety, environmental and reputational factors to be properly managed from the risk perspective.

Key learning points include

  • Core concepts and principles of risk management unique to Oil and Gas Industry projects
  • Risk identification and measurement of industry specific risks including geo-political, environmental and economics
  • Applying a systematic project risk management process to a realistic industry project case study
  • Alternative risk identification techniques and their strengths and applicability
  • Evaluation of resource effectiveness of alternative responses
  • Key lessons and critical success factors for successful project risk management the Oil and Gas Industry

Unique Industry Case study

Projects in the oil and gas industry bring with them very specific challenges; not only due to their size and scale, but also due to the diverse objectives of the parties involved and the geographic, political and economic factors that are a constant and unpredictable influence. It is vital that you understand the risks and their impact at each stage of the project. Therefore a unique case study has been developed specifically for this programme to illustrate the entire project lifecycle of an oil and gas industry project. The participants will work in groups to apply the key learnings to each stage of the project and gain full and thorough understanding of the key pressure points and how to manage, control and mitigate against them.


  • Project Managers, Project Engineers
  • Risk Managers and those with specific risk responsibilities
  • Project sponsors and managers
  • Purchasing and procurement managers who will be supporting projects
  • Contractors and consultants contributing to projects
  • Operational staff who need to interface with projects or represent the operational perspective on a project
  • HSE staff interfacing with project activities
  • Governance and auditors who will be reviewing or auditing project performance
  • Anyone who needs to contribute to managing risk


Project Risk Management Fundamental Concepts and Terminology
  • Understanding Risk and its application in the Oil and Gas Industry
  • Risk: threats and opportunities
  • Business versus project risk
  • Understanding the business context – balancing technical challenge with business justification
Introduction to the Risk Process
  • Overview of risk processes and understanding the most effective approach for an Oil and Gas Industry project
  • Compliance with Corporate/ Organizational approach
  • Roles and responsibilities 
Risk Management Planning
  • The components of the Risk Management Plan
  • Understanding the methodology
  • Use of risk categories – modifications to standard categories relevant to the Oil & Gas Industry
  • Defining probability and impact scales – how to handle the particular challenge of megaproject impacts
  • Developing the appropriate risk matrix
  • Determining reporting formats and tracking mechanisms and audits
Risk Identification
  • Risk identification inputs
  • Tools and techniques of risk identification and their strengths and weaknesses
  • Key techniques used in the Oil and Gas Industry and critical success factors to enhance their application
  • - Risk workshop critical success factors
  • - Assumptions analysis
  • -Sabotage teams
  • - Bow-tie methodology
  • The vital importance of a quality risk statement
Risk Analysis
  • Qualitative, semi-quantitative and quantitative analysis
  • Tools and techniques for risk analysis
  • Further factors to consider – the people side of risk
  • Evaluating the results
  • - Risk exposure calculation
  • - Risk monetization


Planning Risk Responses
  • Risk response strategies
  • - Threat strategies
  • - Opportunity strategies
  • - Contingent response strategies
  • Analytical selection process – ensuring the protection of value in a capital intensive project environment
  • Developing effective action plans – structure, content and approval considerations
Advanced risk techniques and how they are applied in Oil and Gas Industry projects
  • The applicability of Monte Carlo analysis in the project  lifecycle
  • Schedule risk analysis
  • Cost risk analysis
  • Understanding and interpreting the outputs of risk analysis
Monitoring and Controlling risks
  • Determining appropriate reporting and escalation of risks including legal considerations
  • Risk auditing – compliance versus value added
  • Variance and trend analysis
  • Reserve analysis techniques applicable to large scale capital intensive projects
Embedding the Process 
  • Critical success factors for developing a sound risk culture in the Oil and Gas industry
  • Incorporating lessons learned for managing risks into the organisation
  • Key findings and learnings from  the Oil and Gas industry


Course Categories

Testimonials for our Courses

“Very professional presentation, documentation and useful practical exercises. The occasional bouts of laughter were also welcome.”

Delivered by

Derek Bell is a highly experienced and qualified international consultant and certified trainer a

Dates & Locations

This course is only available as a custom course tailored for your business, contact us to discuss your requirements.