Open AccessImproving the Risk Management System in Oil Production
Author(s) -
D.R. Musina,
Azat Vazirovich Yangirov,
V. V. Biryukova,
Zemfira Gareeva,
S. I. Nasyrova
Publication year - 2020
Publication title -
iop conference series. earth and environmental science
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.179
H-Index - 26
eISSN - 1755-1307
pISSN - 1755-1315
DOI - 10.1088/1755-1315/459/6/062070
Subject(s) - production (economics) , investment (military) , risk management , business , risk analysis (engineering) , petroleum industry , project management , oil field , fossil fuel , finance , engineering , petroleum engineering , economics , waste management , systems engineering , environmental engineering , politics , political science , law , macroeconomics
The article describes an original approach to assessing the risks in investment projects of oil-and-gas companies and proposes an improved methodology for risk management in oil production, which accounts for the special nature of investment projects of oil producers. For each field development program, it is proposed to produce a risk evaluation map that would allow for the most unbiased assessment of risks to be faced by the company to let it focus the efforts on managing those risks typical for each project phase. The companies will be able to quantify the risks of the oil-and-gas field development project by the life cycle phases of an investment project.