Managing Project Risks in the Oil & Gas Industry
A structured approach to managing project-related risk in the Oil & Gas industry, from risk identification through response planning and lessons learned.
5 Days
Programme overview
The Oil & Gas industry faces complex risk factors. Financial stability of partners, customers, vendors and suppliers, regulatory pressures, environmental concerns and changing industry conditions all contribute to the risk environment.
This programme provides a structured approach to managing project-related risks to protect value and minimise the possibility of major events affecting both projects and organisations.
Oil & Gas capital projects run for years, involve multiple contracting parties, and are exposed to technical, commercial, regulatory and environmental risk simultaneously. This programme builds the risk-management discipline needed to identify, analyse and respond to that risk throughout the project lifecycle, using the specific tools and techniques the industry has developed for exactly this purpose.
Why this programme matters
Oil & Gas megaprojects have a well-documented history of cost overrun and schedule slippage, and the industry's own experience shows that a structured, stage-gated risk process, applied consistently rather than treated as a one-time exercise, is what separates projects that absorb disruption from those that are derailed by it. Project risk management here is not a compliance formality; it is the discipline that determines whether a project's value survives contact with real-world uncertainty.
Learning objectives
- Develop key risk-management competencies.
- Develop an appropriate risk process for an Oil & Gas organisation.
- Understand roles, responsibilities and activities associated with project risk management.
- Apply appropriate tools and techniques to optimise risk management.
- Deal with the changing nature of risk through a stage-gated project process.
- Understand the human side of risk and risk perception.
- Understand key challenges and lessons learned associated with Oil & Gas project risk management.
Key programme highlights
- Current issues within the Oil & Gas industry that shape project risk exposure
- Typical risk responses used by Oil & Gas megaprojects
- Risk ownership as a critical part of risk management, not an administrative afterthought
- Communication and escalation in Oil & Gas projects
- Qualitative, semi-quantitative and quantitative risk responses, and when to apply each
- Industry-specific risk-identification techniques, including HAZID, HAZOP, LOPA and the Bow Tie methodology
- Applying lessons learned from megaproject risk experience to current project practice
Training methodology
The programme uses an interactive mixture of lectures, practical exercises and an extensive Oil & Gas project case study running throughout the five days. The case study enables participants to understand and address lifecycle considerations of project risk management.
Who should attend
- Project Risk Managers
- Project Managers
- Project Management Professionals
- Commercial Management
- Project Engineers
- Procurement & Logistics
- Planners
- Estimators / Cost Controllers
Organisational impact
- Effective project risk management is critical within the Oil & Gas industry.
- Participants receive competence-based training that can be applied directly in the workplace.
- The programme supports the development of skills for using risk and technology tools effectively and efficiently in project environments.
Personal impact
- Greater project predictability
- Improved value delivery
- Better understanding of risk
- Improved professional relationships
- Stronger ability to coordinate risk processes
- Increased professional credibility
Course outline
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Considering this for your organisation?
Talk to our corporate learning team about delivering this programme, or a bespoke variant of it, for your team.