Managing Project Risks in the Oil & Gas Industry

An Intensive 5-Day Training Course

Managing Project Risks
in the Oil & Gas Industry

Interactive journey through a complex environment

PMI® Registered training
PMI® Registered training

Scheduled Dates

28 Aug - 01 Sep 2023 Doha - Qatar $5,950
18 - 22 Sep 2023 Dubai - UAE $5,950
25 - 29 Dec 2023 Doha - Qatar $5,950
08 - 12 Jan 2024 Kigali - Rwanda $5,950
12 - 16 Feb 2024 Cairo - Egypt $5,950
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Why Choose this Training Course?

Why Choose this Training Course?

The scrutiny faced by the oil and gas industry has never been greater.   While the industry still accounts for the majority of the world’s energy generation, opponents contest the use of such fossil fuels and such.  Climate change and greenhouse gas emissions legislation, along with concern over the future of hydraulic fracturing, pose major problems to the oil and gas industry and with more households and businesses tightening their belts to make every penny count amidst an ongoing recession, oil and gas companies must address many of the same concerns.

Ultimately, the fact remains that without the industry, the lights would go out and our cars would stop running.  That said, the industry is under incredible stress and the risk factors affecting it are complex.  While many oil and gas companies have seen their own financials improve, the financial stability of partners, customers, vendors and suppliers remain top risk factors.   This all means that the need to manage project risks effectively has never been of great importance to the industry as a whole.

This Project Risk Management training course provides a structured approach to managing project related risks that ensure value is protected, and most importantly, minimizes the chances of major events affecting not only the project but the organisation to the benefit of all.

This training course will highlight:

  • Current issues within the Oil & Gas Industry that need to be tackled
  • Typical risk responses used by the Oil & Gas Industry megaprojects
  • Risk ownership as a critical part of risk management
  • The importance of communication and escalation in Oil & Gas projects
  • Key qualitative, semi-quantitative and quantitative risk responses

What are the Goals?

What are the Goals?

This training course will take delegates through a real-life Oil & Gas project as a case-study, working with the case-study to develop and evaluate using industry best-practice tools.  This method will provide a real insight into the challenges, and strengths that a positive Risk Management process can provide in such an uncertain industry.

At the end of this training course, participants will:

  • Develop key risk management competencies such as developing an appropriate risk process for an organisation in the oil & gas Industry
  • Understand the key roles, responsibilities and activities associated with project risk management
  • Understand how best to apply appropriate tools and techniques to optimise risk management for your projects
  • Learn to Deal with the changing nature of risk through a stage gated project process
  • Understand the human side of risk in terms of risk perception
  • Understand the crucial challenges and lessons learned associated with oil and gas project risk management

Who is this Training Course for?

Who is this Training Course for?

This training course is suitable to a wide range of professionals but will greatly benefit anyone working on, interfacing with, or providing governance with respect to oil and gas projects:

  • Project Risk Managers
  • Project Managers
  • Commercial Management
  • Project Engineers
  • Procurement & Logistics
  • Planners
  • Estimators / Cost-Controllers

How will this Training Course be Presented?

How will this Training Course be Presented?

This PetroKnowledge training course incorporates an interactive mixture of lectures supported by relevant practical exercises and an extensive oil project case study running through the five days of the programme. This enables you to fully understand and address the life-cycle considerations of project risk management.

Daily Agenda

Day One: Fundamental Project Risk Management Concepts

Competency Description: We aim to provide an understanding of the impact that you can have to ensure full understanding of how objectives and requirements are captured and risks identified against them in order for the project to be delivered.

Key behaviours

  • Establishing risk against organisation vision and initiatives
  • Key leading and collaboration principles in relation to risk
  • Determining the risk managing process to be used

Topics to be covered

  • What is risk?
  • What is different about project risk in the Oil and Gas Industry?
  • The dual nature of risk: - threats and opportunities
  • Business, operational and project risk
  • Introducing the risk management process
  • Planning risk management

Day Two: Roles & Responsibilities and Identifying Risks

Competency Description: As a leader or member of an oil & gas project team, you hold a key operational role in the project delivery.  Understanding key roles and responsibilities are crucial.   We also focus on the various identification methods that can be used to recognise risks and prepare for analysis.

Key behaviours

  • Establishing key roles & responsibilities
  • Key accountability or responsibility principles
  • Developing the risk owner
  • Risk Identification methods – recognition and exercises

Topics to be covered

  • Key risk management roles and responsibilities
  • Good practices adopted in oil and gas organisations
  • Alternative approaches - which is right for your organisation?
  • Risk identification
    • Oil and Gas Industry specific techniques
    • Overview of MAR, LOPA, HAZID HAZOP
    • The ‘Bow Tie’ methodology
  • Alternative techniques based on team dynamic
    • Sabotage teams
  • Categorisation and the use of Risk Breakdown Structure (RBS)

Day Three: Risk Analysis Techniques

Competency Description: As we identify risks via the various identification methods – we need to recognise appropriate ways to analyse using qualitative, semi quantitative and quantitative methods.   We must recognise the risk levels in order to appropriately prepare for responses.

Key behaviours

  • Establishing appropriate level of risks via analysis
  • Testing of various risk analysis tools
  • Developing qualitative and quantitative skills

Topics to be covered

  • Alternative Risk Analysis assessment formats & recommended practices in the oil & gas industry
    • Differences between Qualitative, Semi-Quantitative and Quantitative
  • Assessing Impact
  • Organisational / Business impact versus Safety / Environmental impact
  • Tools and techniques for risk analysis
    • Sensitivity Analysis
    • Expected monetary value analysis
  • Further factors to consider – the people side of risk
    • Perception, past experience and mental outlook
  • External factors - regulator activities & the effect of catastrophic incidents in the industry
  • An overview of Modelling and Monte Carlo simulations
  • Risk Analysis outputs

Day Four: Planning Risk Responses and Implementing Risk Responses

Competency Description: We need to appropriately prepare for risk responses.  Oftentimes, our responses add greater risk or burden of cost than the original risk and we need to recognise where to focus our time, our resources and value to in order to deliver our projects successfully.

Key behaviours

  • Establishing prioritisation of risks
  • Developing risk action plans around agreed and approved risk response strategies
  • Developing a risk monitoring plan

Topics to be covered

  • Risk prioritisation
  • Risk response strategies
  • Action plan formulation / evaluation
  • Appropriate approval / endorsement of action plans
  • Implementing and monitoring
  • Earned value management
  • Reserve Analysis
  • Implementing response plans – good practices)

Day Five: Reporting and Communicating Risk, Extracting Lessons & Lessons Learned

Competency Description: As we execute our project we need to ensure that we are continuously monitoring and prepared for deviation from plans, appropriateness of responses and the status against any identified or new risks.

Key behaviours

  • Establishing appropriate risk reporting methods
  • Understanding why and when we escalate risks
  • Developing risk management skills through experience and application of methods.

Topics to be covered

  • Risk reporting
  • Escalating risks
  • Embedding the risk management process
  • How to identify and feedback lessons learned
    • Key risk management lessons from the oil and gas industry and megaprojects in particular
    • Applying the lessons and how to implement in an organization


  • On successful completion of this training course, a PetroKnowledge Certificate will be awarded to the delegates
  • On successful completion of this PetroKnowledge training course, Certificate with eligible Professional Development Units (PDUs) / Contact Hours from Project Management Institute (PMI®), will be awarded to the delegates


PMI® Registered Training Course

The Registered Education Provider (R.E.P. ID:4349) status with the Project Management Institute (PMI®) enables PetroKnowledge to issue applicable Professional Development Hours/Units (PDHs/PDUs) to participants on our Project Management oriented training courses, to help them achieve or maintain PMI® professional credentials.

In Association With

GLOMACS Training

Our collaboration with GLOMACS aims to provide the best training services and benefits for our valued clients

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Frequently Asked Questions

How can I register for a training course?

  • To register online through our website, please click “Enroll Now” on the course page, complete and submit the form. A confirmation e-mail and instructions will be sent to the participant’s e-mail.
  • You may also get in touch with our Registration Team on
    +971 50 981 7386 | +971 2 557 7389 or send an email to

When and how do I arrange payments?

  • Payments can be made in USD or UAE local currency AED (Arab Emirates Dirhams) either by Bank Transfer or by Credit Card. Our Bank Account details will be provided on the invoice.
  • Course fees are payable upon booking unless a valid, authorized Purchase Order is provided and accepted.
  • Invoices will be sent via email/courier to the ID/name and address provided.
  • The course fee shall be settled prior to course start date. Corporate payments with existing payment policy shall be relayed to us in advance.

When should I expect to receive confirmation of registration?

Upon successful registration online, enrolment on the respective training course will be confirmed by Registration Team by e-mail along with the invoice and joining instruction.

Is there a discount for more than one registrant/course?

For corporate fees and group registration, please send your query to

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All rights reserved. Any unauthorized copying, distribution, use, dissemination, downloading, storing (in any medium), transmission, reproduction or reliance in whole or any part of this course outline is prohibited and will constitute an infringement of copyright.

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