Risk analysis and risk management approaches applied to the petroleum industry and their applicability to IO concepts

Due to changes introduced by Integrated Operations (10) it is possible that traditional risk analysis and risk management approaches in the oil and gas industry are also challenged. In this paper we study the impact on these approaches by asking two questions: (1) what methods for risk analysis are used in the Norwegian oil and gas industry? (2) What are the risk analysis and risk management challenges in an 10 context from the perspective of actors in the Norwegian oil and gas industry? An explorative approach was chosen and the empirical findings are based on three separate studies: (1) a survey of risk analysis and risk management in different business sectors in the oil and gas industry; (2) qualitative interviews about the generation of knowledge for decisions that involve risk in an operating company; and (3) qualitative interviews of people working with risk analyses in different companies exploring their use of risk analysis methods. The four main results are: due to 10 it is necessary to look for other inputs to risk analyses; establish suitable assessment approaches to human and organizational issues; develop resilience-based approaches for operational risk assessment; and, utilize 10 to improve the risk management process. (C) 2011 Elsevier Ltd. All rights reserved.