NAVIGATING NON-TECHNICAL RISKS IN THE OIL & GAS INDUSTRY: INSIGHTS AND FRAMEWORKS - A REVIEW

Authors

  • Stella Emeka-Okoli Independent Researcher, Lagos, Nigeria
  • Ekene Ezinwa Nwankwo Anambra State Polytechnic, Mgbakwu, Nigeria
  • Tochukwu Chinwuba Nwankwo National Open University of Abuja, Nigeria
  • Christiana Adanma Otonnah Independent Researcher, Lagos, Nigeria

DOI:

https://doi.org/10.51594/ijarss.v6i3.892

Abstract

Non-technical risks play a critical role in the oil and gas industry, influencing operational efficiency, financial performance, and stakeholder trust. This review explores key insights and frameworks for understanding and managing non-technical risks in the oil and gas sector. The review begins by defining non-technical risks and highlighting their significance in the industry. It then discusses various types of non-technical risks, including regulatory, environmental, social, and geopolitical risks, and their impact on oil and gas operations. The review also examines the interconnected nature of non-technical risks and how they can escalate into larger crises if not managed effectively. It emphasizes the importance of adopting a holistic approach to risk management that considers the interplay between different risk factors. Furthermore, the review identifies several key frameworks and methodologies for assessing and managing non-technical risks in the oil and gas industry. These include risk assessment tools, scenario planning, and stakeholder engagement strategies. The review concludes by highlighting the need for oil and gas companies to proactively identify, assess, and mitigate non-technical risks. It emphasizes the importance of integrating risk management into overall business strategies and decision-making processes. Overall, this review provides valuable insights and frameworks for navigating non-technical risks in the oil and gas industry. It offers practical recommendations for industry practitioners and policymakers to enhance risk management practices and ensure the long-term sustainability of the sector.

Keywords: Oil and Gas, Insights, Frameworks, Navigating, Non- Technical Risks

Published

2024-03-17

Issue

Section

Articles