Risk Management: With Applications from the Offshore Petroleum Industry / Edition 1

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Risk management is a process to assist in the decision-making. The risk management process takes the potential hazards as a starting point, in order to identify suitable arrangements and measures for accident prevention and emergency response in case of an incident. Risk management is a useful approach to satisfy functional regulatory requirements to safety. Technological developments, organisational changes and increased demand for efficiency have influenced the vulnerability of our society. Thus, safety and risk management is becoming an important field.

Risk Management with Applications from the Offshore Petroleum Industry presents an in-depth discussion of some fundamental principles of risk management, related to the use of expected values, uncertainty handling and risk acceptance criteria. A decision framework for risk management is developed that provides a structure for the classification of risk decision problems and a procedure for the execution of the related decision-making processes. Several examples from the offshore petroleum industry are included to illustrate the use of the framework, but it can also be applied in other areas.

With the inclusion of a risk management framework designed to achieve better decisions and therefore more desirable outcomes, Risk Management with Applications from the Offshore Petroleum Industry is a valuable resource for practitioners in the industry, engineering managers and regulatory authorities. Graduate students and researchers in risk management will find this book a comprehensive reference.

Dr Terje Aven and Dr Jan Erik Vinnem are Professors of Risk Analysis and Management at the University of Stavanger, Norway.

Springer Series in Reliability Engineering publishes high-quality books in important areas of current theoretical research and development in reliability, and in areas that bridge the gap between theory and application in areas of interest to practitioners in industry, laboratories, business, and government.

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Editorial Reviews

From the Publisher
From the reviews:

"This book is about making decisions in the face of risks and uncertainties and they outline the challenges that go with this process of decision making. … has come around successfully in presenting its theme, theories and applications of risk management, more so to an off-shore gas and oil industry and would like to recommend to all risk analysts and managers. … would also be found useful by the students and teachers at universities in pursuing or teaching a risk management course." (Krishna B. Misra, International Journal of Performability Engineering, Vol. 4 (3), 2008)

“‘Risk Management: with Applications from the offshore Petroleum Industry’ … is about how the offshore oil and gas sector should assess, manage and tackle risk of an offshore installation’s complete life cycle from predesign to final decommissioning and disposal in the world’s tempestuous seas. … For the industry’s practitioners, it provides a ready-made decision making framework in which to tackle decision making in high risk environments … . This book should prove essential reading for the industry’s decision makers … .” (Nicholas Newman, Oxford Prospect, September, 2010)

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Product Details

  • ISBN-13: 9781846286520
  • Publisher: Springer London
  • Publication date: 1/29/2007
  • Series: Springer Series in Reliability Engineering
  • Edition description: 2007
  • Edition number: 1
  • Pages: 200
  • Sales rank: 1,414,681
  • Product dimensions: 0.63 (w) x 9.21 (h) x 6.14 (d)

Meet the Author

Terje Aven is Professor of Risk Analysis and Management at University of Stavanger, Norway. He is also a Principal Researcher at Rogaland Research, Norway. His professional career includes experience in the petroleum industry (Statoil) in addition to his time in research and education. His research interests include decision support tools, risk management, risk acceptance, reliability and risk analysis methods, and risk assessments reflecting human and organizational factors. He is a member of the Norwegian Academy of Technological Sciences. He has been awarded several prizes for his research and teaching activities.

Jan Erik Vinnem is Professor II of Risk Analysis at University of Stavanger, Norway. He is also a specialist advisor and CEO of Preventor AS, a consultancy to the Norwegian offshore industry. His professional career includes experience in the petroleum industry (Statoil and Total), and work as a private consultant (as the founder of Safetec Nordic AS and Preventor AS), in addition to his time in research and education. His research interests include decision support tools, risk management, risk acceptance, risk analysis methods, and risk assessments reflecting human and organizational factors.

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Table of Contents


Risk Management Principles and Methods - Review and Discussion

A Risk Management Framework for Decision Support under Uncertainty

Applications - Concept Optimisation

Applications - Operations Phase

Applications - Choice of Disposal Alternative

Applications - Risk Indicators, National Level

The Success Factors - Discussion

Appendix A - Foundational Issues of Risk and Risk Analysis

Appendix B - Example, ALARP Demonstration

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