Course Details

The scrutiny faced by the oil and gas industry has never been greater. While the industry still accounts for the majority of the world’s energy generation, opponents contest the use of such fossil fuels and such. Climate change and greenhouse gas emissions legislation, along with concern over the future of hydraulic fracturing, pose major problems to the oil and gas industry and with more households and businesses tightening their belts to make every penny count amidst an ongoing recession, oil and gas companies must address many of the same concerns.

Ultimately, the fact remains that without the industry, the lights would go out and our cars would stop running. That said, the industry is under incredible stress and the risk factors affecting it are complex. While many oil and gas companies have seen their own financials improve, the financial stability of partners, customers, vendors and suppliers remain top risk factors. This all means that the need to manage project risks effectively has never been of great importance to the industry as a whole.

This Project Risk Management in the Oil and Gas Industry training course provides a structured approach to managing project related risks that ensure value is protected, and most importantly, minimizes the chances of major events affecting not only the project but the organisation to the benefit of all.

At the end of the Project Risk Management in the Oil and Gas Industry, you will be able :

To Comprehend the key roles, responsibilities and activities associated with project risk management.
To Comprehend the human side of risk in terms of risk perception.
To Comprehend the important challenges and lessons learned associated with oil and gas
To Comprehend how the best method to apply appropriate tools and techniques to optimise risk management for your projects.
To handle the changing nature of risk through a stage gated project process.

Project Risk Management in the Oil and Gas Industry training course , is ideal for :

Project Management Team members
Operations Managers
Project Managers
Oil and Gas Enterprise Architects
Asset Managers
Maintenance Managers
Maintenance & Reliability Engineers
Technical managers & supervisors
Board level executives and non-executives
Consultants in Project, Asset, Maintenance and Risk Management

Course Outline

5 days course

Day 1

Day 2

Day 3

Day 4

Day 5

Fundamental Project Risk Management Concepts

What is risk?
What is different about project risk in the Oil and Gas Industry?
The dual nature of risk: – threats and opportunities.
Business, operational and project risk.
Introducing the risk management process.
Planning risk management.

Roles & Responsibilities and Identifying Risks

Key risk management roles and responsibilities
Good practices adopted in oil and gas organisations
Alternative approaches – which is right for your organisation?
Risk identification

- Oil and Gas Industry specific techniques
- Overview of MAR, LOPA, HAZID HAZOP
- The ‘Bow Tie’ methodology

Alternative techniques based on team dynamic

- Sabotage teams

Categorisation and the use of Risk Breakdown Structure (RBS)

Risk Analysis Techniques

Alternative Risk Analysis assessment formats & recommended practices in the oil & gas industry

- Differences between Qualitative, Semi-Quantitative and Quantitative

Assessing Impact
Organisational / Business impact versus Safety / Environmental impact
Tools and techniques for risk analysis

- Sensitivity Analysis

- Expected monetary value analysis

– Further factors to consider – the people side of risk

- Perception, past experience and mental outlook

External factors – regulator activities & the effect of catastrophic incidents in the  industry
An overview of Modelling and Monte Carlo simulations
Risk Analysis outputs

Planning Risk Responses and Implementing Risk Responses

Risk prioritisation
Risk response strategies
Action plan formulation / evaluation
Appropriate approval / endorsement of action plans
Implementing and monitoring
Earned value management
Reserve Analysis
Implementing response plans – good practices)

Reporting and Communicating Risk, Extracting Lessons & Lessons Learned

Risk reporting
Escalating risks
Embedding the risk management process
How to identify and feedback lessons learned

- Key risk management lessons from the oil and gas industry and megaprojects in particular
- Applying the lessons and how to implement in an organisation

Project Risk Management in the Oil and Gas Industry

Course Info

Course Details

At the end of the Project Risk Management in the Oil and Gas Industry, you will be able :

Project Risk Management in the Oil and Gas Industry training course , is ideal for :

Course Outline

Fundamental Project Risk Management Concepts

Roles & Responsibilities and Identifying Risks

Risk Analysis Techniques

Planning Risk Responses and Implementing Risk Responses

Reporting and Communicating Risk, Extracting Lessons & Lessons Learned

Course Video

Project Risk Management in the Oil and Gas Industry

Course Info

Course Details

At the end of the Project Risk Management in the Oil and Gas Industry, you will be able :

Project Risk Management in the Oil and Gas Industry training course , is ideal for :

Course Outline

Fundamental Project Risk Management Concepts

Roles & Responsibilities and Identifying Risks

Risk Analysis Techniques

Planning Risk Responses and Implementing Risk Responses

Reporting and Communicating Risk, Extracting Lessons & Lessons Learned

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Course Video