ABSTRACT
The oil and gas industry is considered to be a high-risk industry. A risk assessment is the process of determining a quantitative or qualitative estimate of the risk associated with an identified threat, also known as a hazard. A risk assessment is a process by which an organization identifies potential hazards that could adversely affect its ability to carry out its operations. A variety of techniques are used by safety professionals to assess work environments for potential hazards and risks. This chapter discusses a variety of terms and techniques related to risk assessment and safety analysis, including fault and event trees, Failure Mode and Effect Analysis (FMEA), HAZard and OPerability analysis (HAZOP), HAZard IDentification study (HAZID), Layers Of Protection Analysis (LOPA), Safety Integrity Level (SIL), and Process Hazard Analysis (PHA). Various case studies of each technique are presented based on real-life industrial experiences in oil and gas projects.
