1. Introduction to Risk Management in Oil & Gas

• Definition and importance of risk management in capital projects

• Common risk categories: technical, financial, schedule, environmental, and HSE

• Industry-specific risk challenges in upstream, midstream, and downstream sectors

2. Risk Management Framework and Process

• ISO 31000 and project risk management standards

• Key steps: identification, assessment, mitigation, monitoring, and control

• Integration of risk management into project planning

3. Identifying Project Risks

• Sources of risk across the project lifecycle

• Tools for risk identification: brainstorming, checklists, HAZID, HAZOP, and lessons learned

• Involvement of multidisciplinary teams in risk workshops

4. Qualitative Risk Assessment

• Probability and impact analysis

• Risk ranking and prioritization using risk matrices

• Assigning risk ownership and accountability

5. Quantitative Risk Analysis

• Monte Carlo simulation and probabilistic modeling

• Sensitivity analysis and contingency estimation

• Use of risk management software and analytical tools

6. Risk Mitigation and Response Strategies

• Avoid, reduce, transfer, or accept approach

• Developing mitigation and contingency plans

• Role of insurance and contractual risk transfer

7. Cost and Schedule Risk Management

• Understanding cost overruns and schedule delays

• Linking risk management to project economics

• Techniques for improving predictability and control

8. Health, Safety, and Environmental (HSE) Risks

• Integrating HSE into project risk management

• Environmental and social risk assessments (ESRA)

• Case examples of major incidents and lessons learned

9. Organizational and Political Risks

• Government regulations, fiscal policy changes, and local content laws

• Managing stakeholder, community, and geopolitical risks

• Communication and negotiation strategies

10. Project Risk Governance and Reporting

• Establishing a risk management culture and framework

• Role of project sponsors and risk committees

• Continuous monitoring, audits, and reporting

11. Case Studies and Industry Examples

• Real-world project risk failures and successes

• Discussion on best practices and lessons learned

12. Module Summary and Workshop

• Key takeaways and recap

• Group exercise: developing a project risk register

• Q&A and feedback session