Application of quantitative risk assessment on offshore oil & gas industry

Abstract

Production of Oil & Gas in offshore involves some of the most ambitious engineering projects of the modern world, is a prime source of revenue for many countries. It is also involved risks of major accidents which have been demonstrated by disaster on the UK production platform Piper Alpha. Major accidents represent the ultimate, most disastrous way in which an offshore engineering project can go wrong. Accidents cause death, suffering, environmental pollution and disruption of business. To ensure all risks identified and controlled, risk management approaches need applying. This paper discusses the application of quantitative risk assessment approaches and its importance throughout the entire offshore installation.