Do we really know how to manage risk? Whitepaper

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Today’s operating environment is under enormous economic pressure resulting from the “lower for longer oil price.” Over the past two years, the oil price has fallen about 70%. The fall in price has resulted in a significant impact on the global hydrocarbon industry. Constrained capital and operational funds have meant changes in strategic decision-making.

There is a concern, from the process safety and loss control perspective. Lower revenue from production could potentially result in investment reductions in risk-control measures – which could compromise asset integrity if maintenance and inspection activities are impacted.

Few would argue that process safety approaches developed and implemented over the past 20-30 years have enabled us to improve the design basis for our facilities. Yet we still see major incidents occurring at a steady rate each year. This begs the question, do we really know how to manage risk?

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