Risk management in petroleum exploration and production: Some analyses and recommendations
Abstract
Risk management of upstream activities is investigated from 2 perspectives: the system at the company level and the approach, tool, and techniques at the project level. To map out the current status of the system, the authors use Deloitte Capability Maturity Model. Regarding the tools and techniques, the deterministic and probabilistic approaches are used in risk analysis. Input information is the results of survey conducted in some units and analysis of relevant data in the decision-making process for oil and gas exploration and production projects. On that basis, some recommendations have been made in order to strengthen Petrovietnam’s risk management in upstream projects.
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