Do We Really Know How to Manage Risk

Today’s operating environment is under enormous economic pressure resulting from the “lower for longer oil price.” Over the past two years, the oil price has fallen about 70%. The fall in price has resulted in a significant impact on the global hydrocarbon industry. Constrained capital and operational funds have meant changes in strategic decision-making.

There is a concern, from the process safety and loss control perspective. Lower revenue from production could potentially result in investment reductions in risk-control measures – which could compromise asset integrity if maintenance and inspection activities are impacted.

Few would argue that process safety approaches developed and implemented over the past 20-30 years have enabled us to improve the design basis for our facilities. Yet we still see major incidents occurring at a steady rate each year. This begs the question, do we really know how to manage risk?

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