Risk Management in Oil and Gas Industry

Oil and Gas industry is one of the most critical operations in the production sphere. Therefore, every state of the art technology and methodology is implemented straight into the highly demanding management and pro-duction processes. Project Management techniques and especially Risk Management, are widely used in order to provide appropriate responses to the emerging cross disciplinary risks; environmental, technical, financial and managerial. Risk Management is a systematic handling of the potential risks and is divided into the Risk Management Planning, Risk Identification, Risk Analysis, Risk Response Planning and Risk Control processes.

The purpose of the article is to describe the Risk Management toolset and techniques, present and analyse their recent performance in the Oil and Gas industry.