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Risk Management in the Oil and Gas Industry: Offshore and Onshore Concepts and Case Studies delivers the concepts, strategies and good practices of offshore and onshore safety engineering that are applicable to petroleum engineering and immediately surrounding industries. Guided by the strategic risk management line, this reference organizes steps in order of importance and priority that should be given to the themes in the practical exercise of risk management activities, from the conceptual and design phase to operational and crisis management situations. Each chapter is packed with practical case studies, lessons learned, exercises, and review questions. The reference also touches on the newest techniques, including liquefied natural gas (cryogenics) operations and computer simulations that contemplate the influence of human behavior. Critical for both the new and experienced engineer, this book gives the best didactic tool to perform operations safely and effectively. - Helps readers by presenting practical case studies and exercises that are included in every chapter - Presents an understanding on how to approach and apply best practices specific to the oil and gas industry, both offshore and onshore - Provides the knowledge needed to gain new techniques in computer simulation and human factors to apply to various sectors of the industry, including subsea and refineries
More than thirty leading scholars and finance practitioners discuss the theory and practice of using enterprise-risk management (ERM) to increase corporate values. ERM is the corporate-wide effort to manage the right-hand side of the balance sheet--a firm's total liability structure-in ways that enable management to make the most of the firm's assets. While typically working to stabilize cash flows, the primary aim of a well-designed risk management program is not to smooth corporate earnings, but to limit the possibility that surprise outcomes can threaten a company's ability to fund its major investments and carry out its strategic plan. Contributors summarize the development and use of risk management products and their practical applications. Case studies involve Merck, British Petroleum, the American airline industry, and United Grain Growers, and the conclusion addresses a variety of topics that include the pricing and use of certain derivative securities, hybrid debt, and catastrophe bonds. Contributors: Tom Aabo (Aarhus School of Business); Albéric Braas and Charles N. Bralver (Oliver, Wyman & Company); Keith C. Brown (University of Texas at Austin); David A. Carter (Oklahoma State University); Christopher L. Culp (University of Chicago); Neil A. Doherty (University of Pennsylvania); John R. S. Fraser (Hyrdo One, Inc.); Kenneth R. French (University of Chicago); Gerald D. Gay (Georgia State University); Jeremy Gold (Jeremy Gold Pensions); Scott E. Harrington (University of South Carolina); J. B. Heaton (Bartlit Beck Herman Palenchar & Scott LLP); Joel Houston (University of Florida); Nick Hudson (Stern Stewart & Co.); Christopher James (University of Florida); A. John Kearney and Judy C. Lewent (Merck & Co., Inc.); Robert C. Merton and Lisa K. Meulbroek (Harvard Business School); Merton H. Miller (University of Chicago); Jouahn Nam (Pace University); Andrea M. P. Neves (CP Risk Management LLC); Brian W. Nocco (Nationwide Insurance); André F. Perold (Harvard Business School); S. Waite Rawls III (Continental Bank); Kenneth J. Risko (Willis Risk Solutions); Angelika Schöchlin (University of St. Gallen); Betty J. Simkins (Oklahoma State University); Donald J. Smith (Boston University); Clifford W. Smith Jr. (University of Rochester); Charles W. Smithson (Continental Bank); René M. Stulz (Ohio State University); D. S All the articles that comprise this book were first published in the Journal of Applied Corporate Finance. Morgan Stanley's ownership of the journal is a reflection of its commitment to identifying outstanding academic research and promoting its application in the practicing corporate and investment communities.
Dynamic Risk Analysis in the Chemical and Petroleum Industry focuses on bridging the gap between research and industry by responding to the following questions: - What are the most relevant developments of risk analysis? - How can these studies help industry in the prevention of major accidents? Paltrinieri and Khan provide support for professionals who plan to improve risk analysis by introducing innovative techniques and exploiting the potential of data share and process technologies. This concrete reference within an ever-growing variety of innovations will be most helpful to process safety managers, HSE managers, safety engineers and safety engineering students. This book is divided into four parts. The Introduction provides an overview of the state-of-the-art risk analysis methods and the most up-to-date popular definitions of accident scenarios. The second section on Dynamic Risk Analysis shows the dynamic evolution of risk analysis and covers Hazard Identification, Frequency Analysis, Consequence Analysis and Establishing the Risk Picture. The third section on Interaction with Parallel Disciplines illustrates the interaction between risk analysis and other disciplines from parallel fields, such as the nuclear, the economic and the financial sectors. The final section on Dynamic Risk Management addresses risk management, which may dynamically learn from itself and improve in a spiral process leading to a resilient system. - Helps dynamic analysis and management of risk in chemical and process industry - Provides industry examples and techniques to assist you with risk- based decision making - Addresses also the human, economic and reputational aspects composing the overall risk picture
The public depends on competent risk assessment from the federal government and the scientific community to grapple with the threat of pollution. When risk reports turn out to be overblownâ€"or when risks are overlookedâ€"public skepticism abounds. This comprehensive and readable book explores how the U.S. Environmental Protection Agency (EPA) can improve its risk assessment practices, with a focus on implementation of the 1990 Clean Air Act Amendments. With a wealth of detailed information, pertinent examples, and revealing analysis, the volume explores the "default option" and other basic concepts. It offers two views of EPA operations: The first examines how EPA currently assesses exposure to hazardous air pollutants, evaluates the toxicity of a substance, and characterizes the risk to the public. The second, more holistic, view explores how EPA can improve in several critical areas of risk assessment by focusing on cross-cutting themes and incorporating more scientific judgment. This comprehensive volume will be important to the EPA and other agencies, risk managers, environmental advocates, scientists, faculty, students, and concerned individuals.
Risk Analysis and Control for Industrial Processes - Gas, Oil and Chemicals provides an analysis of current approaches for preventing disasters, and gives readers an overview on which methods to adopt. The book covers safety regulations, history and trends, industrial disasters, safety problems, safety tools, and capital and operational costs versus the benefits of safety, all supporting project decision processes. Tools covered include present day array of risk assessment, tools including HAZOP, LOPA and ORA, but also new approaches such as System-Theoretic Process Analysis (STPA), Blended HAZID, applications of Bayesian data analytics, Bayesian networks, and others. The text is supported by valuable examples to help the reader achieve a greater understanding on how to perform safety analysis, identify potential issues, and predict the likelihood they may appear. - Presents new methods on how to identify hazards of low probability/high consequence events - Contains information on how to develop and install safeguards against such events, with guidance on how to quantify risk and its uncertainty, and how to make economic and societal decisions about risk - Demonstrates key concepts through the use of examples and relevant case studies
Ensuring business continuity through the effective management of risks has become a boardroom preoccupation. This book highlights the key areas of concern and identifies best practice in risk management for companies large and small.