Global Learning for Operational Leaders
Course OG-007
Managing Project Risks in the Oil & Gas Industry
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 ene... The outline covers Fundamental Project Risk Management Concepts, Roles & Res...
- 5 daysClassroom or online
- 14Upcoming dates
- 14Cities
- €1,625Fees from
Classroom
14 sessions
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Online / Live
14 sessions
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Introduction
Course overview
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 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.
This training course will highlight:
Current issues within the Oil & Gas Industry that need to be tackled
Typical risk responses used by the Oil & Gas Industry mega projects
Risk ownership as a critical part of risk management
The importance of communication and escalation in Oil & Gas projects
Key qualitative, semi-quantitative and quantitative risk responses
What you will achieve
Learning objectives
- This Managing Project Risks in the Oil & Gas Industry training course will take delegates through a real-life Oil & Gas project as a case-study, working with the case-study to develop and evaluate using industry best-practice tools.
- This method will provide a real insight into the challenges, and strengths that a positive Risk Management process can provide in such an uncertain industry.
- 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
Who should attend
Target audience
- Project Risk Managers
- Project Managers
- Project Management Professionals
- Commercial Management
- Project Engineers
- Procurement & Logistics
- Planners
- Estimators / Cost-Controllers
Methodology
Learning approach
- This Managing Project Risks in the Oil & Gas Industry training course incorporates an interactive mixture of lectures supported by relevant practical exercises and an extensive oil project case study running through the five days of the training course.
- This enables you to fully understand and address the life-cycle considerations of project risk management.
Complete course outline
Five focused days of learning and application
The timings provided are estimates and may vary depending on the number of participants and the discussions taking place during the sessions. They are indicative only and do not constitute a binding commitment.
Day 1
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
- Coffee break
- The Dual Nature of Risk: Threats and Opportunities (continued)
- Business, Operational and Project Risk
- Introducing the Risk Management Process
- Planning Risk Management
Day 2
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
- Coffee break
- Oil and Gas Industry Specific Techniques (continued)
- 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)
Day 3
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 vs. Safety / Environmental Impact
- Tools and Techniques for Risk Analysis
- Sensitivity Analysis
- Coffee break
- Sensitivity Analysis (continued)
- 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
Day 4
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
- Coffee break
- Implementing and Monitoring (continued)
- Earned Value Management
- Reserve Analysis
- Implementing Response Plans – good practices
Day 5
Reporting and Communicating Risk, Extracting Lessons & Lessons Learned
- Risk Reporting
- Escalating Risks
- Embedding the Risk Management Process
- How to Identify and Feedback Lessons Learned
- Coffee break
- How to Identify and Feedback Lessons Learned (continued)
- Key Risk Management Lessons from the Oil and Gas Industry and Megaprojects in Particular
- Applying the Lessons and How to Implement in an Organization
Course FAQs
Questions about this course
What participants and training managers usually ask before booking Managing Project Risks in the Oil & Gas Industry. Can't find your answer?
What does Managing Project Risks in the Oil & Gas Industry (OG-007) cover?
This course covers Oil and Gas through a structured five-day outline focused on practical application, discussion, and implementation planning.
When is the next available session?
The next scheduled session starts on 9 - 13 November 2026. See the course schedules section for the available dates and delivery formats.
Who should attend this course?
Project Risk Managers, Project Managers, Project Management Professionals
Is bilingual course delivery available?
Yes. All course materials and presentations are provided in English, while bilingual explanation and discussion support may be available depending on the selected location and trainer availability. For example, when attending a course in Istanbul, you may request a Turkish-speaking trainer to explain the English course content in Turkish. Arabic explanation support may also be requested at this location. Other languages are available in selected cities. You can choose your preferred language support as an optional preference during registration.
How can I register for a session?
Use any Register button next to the available course dates to open the participant registration page and submit your booking request for the selected session.
Is this course available online as well as classroom-based?
Check the course schedules section for currently published classroom and Online / Live sessions.
Where are classroom sessions delivered?
Current classroom venues include Barcelona, Dubai, Cape Town, Amsterdam, London, Istanbul, Munich, Paris, Frankfurt, Kuala lumpur, Rome, Vienna, Geneva, Madrid.
How long is the training programme?
The programme runs for five days from 09:00 to 14:00, which gives 25 contact hours, including a daily 30-minute break (22.5 hours of instruction).
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