Risk management in the production phase of oil and gas projects: evaluating risk responses and their impact on safety and damage reduction

Abstract

Energy projects play a critical role in modern human societies, significantly influencing economic growth and societal welfare. However, they are often criticized for imposing substantial environmental burdens. This dual impact underscores the necessity of implementing effective risk management strategies to identify, evaluate, and mitigate potential risks. Such strategies not only aim to minimize environmental consequences but also optimize project costs and timelines by leveraging advanced assessment techniques, innovative methodologies, and cutting-edge technologies. This study focuses on the exploitation phase of a selected energy project, employing a multi-faceted approach. Risks are systematically identified through a comprehensive literature review, organizational insights, and expert judgment. The identified risks are then filtered using the Fuzzy Delphi method to ensure relevance and accuracy. High-priority risks are determined through a probability-impact matrix, followed by the application of the Fuzzy Best-Worst Method (FBWM) to weigh and prioritize criteria for risk response planning. Finally, the Grey Combined Compromise Solution (CoCoSo − G) method is utilized to rank and select the most effective risk response strategies under uncertainty. The findings provide valuable insights and practical guidelines that can be leveraged in similar energy and construction projects. By facilitating informed decision-making, this research aims to assist managers and decision-makers in formulating robust risk response plans tailored to uncertain and dynamic project conditions.