Risk management is an essential part of any industry, which is very vital in the oil and gas industry. The oil and gas (O&G) companies have a whole lot of chemicals and hazardous substances at their disposal, to which their workers are exposed to on a daily basis. Therefore, if companies do not put in place adequate risk management strategies, they put themselves and their employees at serious risk of harm, loss of customers, loss of reputation, and court litigations. This paper delves into risk management in the oil and gas industry, challenges, and the strategies to consider to mitigating the risks.
Risks, risk management, risk analysis, climate change, global warming, risk factors, health and safety
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