Identifying the Key Risk Factors of Oil and Gas Mega Construction Projects in Kazakhstan

Abstract

Purpose – The present study investigates the risk factors and their risk management in Kazakhstan oil and gas mega-construction projects. Design/methodology – Through a quantitative research approach, 384 were stratified into ten listed companies in Kazakhstan that were selected randomly. By stratification, 38.4 persons were selected for interviews from each company. Findings – The study findings through a statistical analysis revealed that internal risks and other significant risks were showing a moderate correlation with the performance of mega projects, while external risks were not affecting the performance with a weak correlation. Practical Implications – The present research is the initial step towards the risk identification process for producing strategic policies for risks and discussing their sources and consequences on performance. It is awareness for the workers and employees working in the mega constructions projects in Kazakhstan to know the possible risk factors for the project for the improvement in the performance. Theoretical Contribution –The study possesses theoretical implications for the academics and the researcher to know the risk factors of the projects, including internal, external and other significant risks in mega construction projects. It helps recognize the practical advantages and disadvantages of all the risk factors in the industry. The study would benefit future theoretical researchers examining other categories and their effect on other enterprises. Limitations/Originality/Value – The study has not used the theoretical framework for oil and gas mega-construction projects' risk factors. Thus, future researchers can work on applying and expanding the theory related to the risk factors impacting performance. Other factors affecting Kazakhstan's oil and gas projects are needed to focus on influencing the performance of the specific industry.