Improving Risk Management in Oil and Gas Mega-Projects

Abstract

Oil and gas projects continue to grow in size and complexity, leading to additional project risk. Exploration and production companies can inadvertently accept more risk than expected in large scale projects, often because of underestimating the effects of rare but significant events. This paper outlines several areas where companies can improve internal risk management for large scale projects. This paper will be of interest to project managers and risk management researchers concerned with oil and gas mega-projects.