The depletion of the resources and the end of the "easy oil" drives to complex exploratory and development ventures to renew reserves and increase recovery rates. Hence, Oil & Gas Exploration and Production industry is tackling serious challenges, starting from natural conditions, such as the deep water or artic environment which require innovative technical solutions, to geopolitical interferences. As a consequence, the oil&gas companies are facing from one side, high capital intensive projects under high level of uncertainty, and from the other side, shareholders requiring a consistent return of their investments aligned with their other long term strategies at a reasonable level of risk exposure.
Considering this trend, managing risks and opportunities becomes a key factor for projects success. In particular, identifying and effectively managing those uncertainties, especially during engineering design phases, allows to provide accurate estimates and to have proactive responses to unplanned events. That is why an Integrated Risk Management (IRM) process, starting from early project planning is a high value added instrument in Oil & Gas project lifecycle.
