Risk Analysis in Construction Phase of Oil and Gas Projects: A Critical Literature Review

Abstract

Abstract The construction phase of oil and gas projects (OGPs) is a risky process and project managers face numerous challenges during this particular period. A proper risk analysis and management during the construction phase of the OGPs not only will affect the timely and successful operation of the project as a whole, it can also affect occurrence of risks in subsequent phases and overall economic viability of the project. As a result, via using extensive literature review, this study tries to answer the question of what are main risks involved in construction phase of OGPs and which methods are used for identifying them? The outcome of this research would likely be a valuable source for construction professionals to improve project performance while managing existing risks. It is also useful to avoid common problems that befall many project managers and will assist them to have a better understanding of risk management as part of a project plan.