Present Knowledge and Future Direction for Risk Management in Offshore Oil and Gas Project

Abstract

Oil and gas offshore projects generally characterized as very high risk. The activities are well known exposed to a high level of risk that can't be ignored, but it still can be able to manage. In the past two decades since the 1980s, there are many studies in various aspects of managing risk in oil and gas projects have been conducted. The studies conducted includes risk identification, risk assessment, risk response and risk monitoring, and control. Although the number of studies conducted has been increasingly focused on risk management in offshore oil and gas projects, there are still limited number of published studies that summarise the literature. Hence, this paper aims to examine the present published studies on managing risk in oil and gas projects from a holistic outlook which may be used as a future guideline. To fulfil this paper aims, a systematic literature review was carried out by giving the areas focused on areas fields in oil and gas projects, studied approaches used by others researchers, by showing the pattern in research through the previous years. These paper also discussed the research gap found which might be used for future prospective studies.