The petroleum extraction and process industry including all its stages is considered a risky industry. Thus, it must follow strict rules and procedures, especially when it comes to environment protection from pollution caused by petroleum leakage.
The risks of the petroleum industry had been thoroughly investigated, especially during the development stage and after the increasing demand for the use of petroleum as the primary source of energy, as in the case of petroleum products and natural gas.
Some studies indicated that petroleum would provide more than 90% of the energy needs of some countries, especially the densely populated ones like Egypt. Also, the petroleum is considered a source of national income in various countries, including Egypt. Due to the importance of this industry, many companies are competing in this field, and the main competing factors are time, cost, and quality.
The aim of this research is to identify and analyze the risks associated with executing offshore petroleum and gas projects. This analysis is meant to assist contracting companies specialized in the petroleum & gas field in building confidence.
Quantitative risk analysis tools were used to analyze the questionnaire data to present statistical measures. Important index and average risk were calculated for projects.
These factors have been used to identify the effect of risks on project duration and cost, It also used to compare the results with validation cases. The mitigation of risk factors shows the optimum duration and cost which contractor should consider at the tender phase.