Risk Assessment in the Oil & Gas Industry

Quantitative risk analysis is a key tool applied in safety management and risk control throughout concept, design, construction, operation and decommissioning of all industrial activity in order to achieve safe operations and hazard control.

Risk analysis is a tool for identifying potential accidental events, quantifying the likelihood of these events and the consequence if they occur.
A risk analysis usually involve a HAZID to identify the hazards for the installation or operation, a break down of accidents into a chain of events (event trees), and quantifying probability of occurrence of each event (quality of barriers).