Project Risk Management: Methodology Development for Engineering, Procurement and Construction Projects a Case Study in the Oil and Gas Industry

Abstract

The purpose of this thesis is to study the overall parameters affecting projects' risks and analyze different methodologies of project risk management in order to narrow down and develop a customized methodology applicable for Engineering, Procurement and Construction (EPC) projects in the oil and gas industry. To approach this goal, Bidboland II Gas Treating Plant project was selected as an appropriate case study. This case project has been analyzed by combining various risk management methodologies, and based on this analysis a new methodology was suggested to the company for risk management. Additionally, necessary changes in the organization have been proposed to handle the project risk issues in different levels with higher performance. The developed methodology can be applicable for other companies involved in EPC projects.