Holistic Environmental Risk Index for Oil and Gas Industry in Colombia

Abstract

Risk management for technological hazards mainly focuses on the consequences for human lives. Although technological risk analysis evaluates environmental vulnerability, it does not reflect the consequences of environmentally exposed elements. This paper’s objective is to propose a conceptual framework and create a multidisciplinary evaluation model for environmental risk analysis in the oil and gas industry. A holistic assessment was carried out based on probabilistic risk analysis methodologies to obtain a holistic environmental risk index, HERi. Moncho’s Equation was adapted by combining ecological risk, ER, and an aggravating coefficient, F. Transformation functions were utilized to represent the risk probability distributions. The results from the holistic environment risk index were standardized in a sigmoidal function using the ALARP criteria. Finally, the methodology was applied in two case studies in Colombia, comparing the results with an alternative model. This study found that Colombian armed conflict is a key factor that increases environmental risk in oil and gas projects. The proposed methodology takes a holistic approach by integrating socioeconomic factors and resilience considerations into the risk assessment process. This approach provides a more comprehensive understanding of the environmental risks associated with oil and gas projects in Colombia and promotes more effective sustainable management actions.