A review on prospective risks and mitigation for oil and gas projects: implication for Indian CGD companies

Rawat, Atul, Gupta, Sumeet and Rao, T.Joji (2022) A review on prospective risks and mitigation for oil and gas projects: implication for Indian CGD companies. International Journal of Energy Sector Management, 17 (1). pp. 41-62. ISSN 17506220

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This study aims to focus on identifying the business risks that cause a delay in the oil and gas projects and suggest the way forward toward the better development of the city gas distribution (CGD) sector in India by suggesting the appropriate mitigation strategies.

The study is a systematic review of literature on risks causing a delay in oil and gas projects. Comprehensive literature was carried out following a seven-step model to develop an exhaustive list of risk classifications and factors, risk identification methods and strategies to mitigate the risks. Weighted average ranking method is used to identify the top ten risks affecting oil and gas projects.

This research identifies the top ten risks frequently impacting the oil and gas projects, which are project cost, improper project management, change in economic parameters, currency exchange rate, government regulations and laws, contractor and subcontractors issues, lack of skilled labor, delay in approvals, health and safety issues and force majeure. These risks are primarily responsible for cost overrun and project delay. Additionally, this study recommends the implementation of joint risk management to avoid CGD project delay.

The CGD industry is in the growing stage with many projects under construction. However, there is a lack of research to manage risks in the CGD project. This study contributes to the limited literature available on risk management in oil and gas projects. Additionally, it highlights the need for further research to explore the different risks factors affecting the CGD business and its operations and subsequently develop appropriate mitigation strategies.

Item Type: Article
Keywords: Natural gas | Risk mitigation | Risk identification | Project delay | City gas distribution
Subjects: Social Sciences and humanities > Business, Management and Accounting > Industrial relations
JGU School/Centre: Jindal Global Business School
Depositing User: Mr. Syed Anas
Date Deposited: 17 Mar 2022 09:06
Last Modified: 21 May 2023 03:18
Official URL: https://doi.org/10.1108/IJESM-01-2021-0016
URI: https://pure.jgu.edu.in/id/eprint/1703


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