Risk Management for a Typical Petroleum, Oil & Gas Company in South Africa

Abstract

Risk management is becoming an important management discipline for most organisations including petroleum, oil and gas companies. However, before risks can actually be managed, it is imperative to ensure that a risk management framework is embedded. This research aims to research the general approach to a risk management process for a typical petroleum, oil and gas company operating in the South African industry and to determine the primary risk types for such a company. The result of this research could serve as an awareness instrument for petroleum, oil and gas industries to support and establish an effective risk management process, while striving to achieve industry and economic objectives. Furthermore, to serve as a working platform for those companies that is still in early stages of developing a practical risk management solution.