The overall aim of this study is to develop a methodological approach for assessing the vulnerability of major industrial risks in oil and gas industry, toward human, material and the environment using a semiquantitative method. The proposed method was developed to assess vulnerabilities within the presence of high-risk companies using an estimation matrix based on two indicators: intensity and sensitivity, where each indicator is divided into several sub-indicators. Furthermore, the present paper aims to reduce the industrial vulnerability based on mitigation and adaptation. The originality of the present study is summarized in the usage of ease data collection and its analysis through a logical sequence of steps with verification loops until getting the optimal results. The approach would persuade the decision maker that the obtained results are based on realistic and easy-to-understand information. To validate the present study, an application of the method was made on a scenario of explosion of a large storage capacity sphere of liquefied petroleum gas in an oil and gas complex, in south Algeria, located near residential areas and companies. The results of this application indicated that when LPG sphere was 100% full, the intensity level was very high, associated with a diameter of the effects exceeded 4200 m in the presence of seven sensitive targets. Applying the vulnerability reduction, adopting a filling rate of 21% of the sphere capacity, the vulnerability level became tolerable and the radius of effects not exceeded 1200 m, associated with a maximum of three sensitive targets. Thus, applying the proposed method, the resilience of the targets was improved through an adaptation process.