A study on risk response model of oil & gas exploration project's risk management

There are many technical and non-technical risk factors that need to be integrated in the process of oil exploration. This paper focuses on the risk management practices and how these practices can be employed to enhance the performance of the practitioners involved in oil exploration. Aimed to identify and visualize the technical and non-technical activities involved, a theoretical framework has been defined. It also defines the areas within the normal sequence of the oil exploration life-cycle where problems are most likely to occur. At last, the framework presents eight areas of possible activities in which difficulties may arise and create an increase in cost and time delays in exploration project performance and delivery. The importance of this model is that it can serve as a guide for front-end identification of different factors that may disturb the implementation and progress of exploration projects.