The rise in energy demand creates a significant need to invest in energy capital projects throughout the world and nearly $38 trillion is projected to be invested in these projects through 2035. With the complexity of the infrastructure and the nature of the products being handled, the integrity and safety of design, construction and operations must be intact and within the acceptable risk level of the companies and societal pressures. Operational, safety and technical (project development & execution) issues, including examination of risk management key concepts, outcomes and concerns, are a necessary focus at the early phases of major capital projects. While the scale of these unique projects are increasing, potential systematic risks beyond short-term project implementation must be considered such as: testing emergent technologies, maintaining critical expertise, and utilizing in-depth analyses of project execution.
Effective application of risk management creates a more actionable outcome and enhances the project capacity to achieve a more predictable, sustainable and safe work environment. Managing risks at the early phases is crucial to successful implementation of oil and gas major capital projects.