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.
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 organization 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?
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 organization 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 optimize 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?
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?
This IEMA 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.
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
Categorization 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 behaviors
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
Organizational / 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 behaviors
Establishing prioritization of risks
Developing risk action plans around agreed and approved risk response strategies
Developing a risk monitoring plan
Topics to be covered
Risk prioritization
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 behaviors
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
