Managing Project Risks in the Oil & Gas Industry

Introduction

The oil and gas industry operates in one of the most complex and high-stakes environments, where projects face a unique combination of technical, financial, regulatory, and geopolitical risks. Managing these risks effectively is critical to ensuring project success, maintaining safety, and optimising investment returns.

This 5-Day training course provides participants with a structured approach to identifying, assessing, and mitigating risks throughout the project lifecycle. From exploration and drilling to production and decommissioning, every phase presents challenges that require strategic risk management.

Participants will gain insights into industry-specific risk factors, including volatile market conditions, environmental concerns, supply chain disruptions, and stakeholder expectations. Through real-world case studies, practical frameworks, and interactive discussions, this training course equips professionals with the tools needed to develop robust risk management plans and make informed decisions in high-pressure situations.

This GLOMACS Managing Project Risks in the Oil & Gas Industry training course will highlight:

• Key factors in oil & gas project risk management planning
• The importance of accurate risk identification & analysis
• Risk ownership as a critical part of risk management
• The importance of communication and escalation in oil & gas projects
• How to create and implement effective risk response plans

Objectives

This Managing Project Risks in the Oil & Gas Industry training course will take delegates through real-life oil & gas projects, using case-studies to develop and evaluate best-practice tools & techniques. This method will provide valuable insights into the challenges, and strengths, that an effective risk management process can provide in such a dynamic and volatile industry sector.

At the end of this training course, participants will:

• Develop key risk management competencies such as developing an appropriate risk process for an organisation in the oil & gas Industry
• Understand the key roles, responsibilities and activities associated with project risk management
• Understand how best to apply appropriate tools and techniques to optimise risk management for your projects 

• Learn to deal with the changing nature of risk through a stage gated project process 

• Understand the human side of risk in terms of risk perception 

• Understand the crucial challenges and lessons learned associated with oil and gas project risk management

Training Methodology

This Managing Project Risks in the Oil & Gas Industry training course incorporates an interactive mixture of professional presentations supported by relevant practical exercises and case studies, running through the five days of the training course. This will enable participants to fully understand and address all the elements of project risk management in the oil & gas industry sector.

Organisational Impact

In the Oil and Gas Industry the failure to manage project risk effectively can lead to catastrophic events occurring. No organisation can afford to be complacent about such events, and ensuring that project risk management is being carried out effectively must be a strategic goal requirement that everyone adheres to. Delegates who attend this training course will receive competence based training, providing the basis for activities that can be delivered on their return to the workplace. Risk management is pervasive in the Oil & Gas industry. Individuals in this industry must acquire the necessary skills to use risk & technology tools effectively and efficiently. These technology tools can be used both to develop and apply other functional competencies related to risk management when working on projects.

Personal Impact

The ability to manage project risk is a core skill for anyone involved in delivering a project. When carried out properly projects are more predictable, value delivery is enhanced and fewer accidents and harm to the environment occur.

Personal competencies relate to the attitudes and behaviours of individuals within Oil & Gas projects. Developing these personal competencies will enhance the way professional relationships are handled and facilitate individual learning and personal improvement. Delegates will be able to enhance their credibility within their organisation knowing that they can competently coordinate a risk process which will benefit their project delivery and ultimately their career.