Risk Management In Offshore Platform Installation Projects: A Case Study Of Ptsc Offshore Services

The development of petroleum industry during past years has created bigger demand, bigger market on both size and scale. Vietnam is a nation with enormous oil and gas resources. These opportunities have attracted international oil and gas companies to invest in the oil and gas sector in Vietnam. Production of oil and gas is probably the most demanding aspect of offshore operation. At the end of the day, we have to deliver the project safety, smoothly and profitably. In order to improve quality, safety and commercial issue of an oil and gas project, service companies continue to investment lots of new equipment including multiple offshore support vessel, accommodation barge, heavy crane barge, anchor handling tug and towing tug vessel.

However, in term of safety, technical and commercial aspect, the oil and gas service company now is dealing with some problems in offshore platform installation activities such as heavy investment in offshore platform installation project and the need in a very careful risk management to ensure that the offshore platform installation work can be successful implemented.

Mr. Do Hong Hai made a case study to (1) identify the risk factors in the offshore platform installation project; and (2) conduct a risk management study for offshore platform installation project.

He found out that the offshore platform installation is normally performed by Contractor to ensure that the work is completed successfully before handover to first oil activities and put project into operation stage. Risk factors in offshore platform installation project are Politics, Economic, Health and Safety, Commerce, Environment, Financing, Natural Events, Contract Condition, Software. The Offshore platform installation is one of the very important stages of exploring and exploiting petroleum activities in the continental shelf with much money in total investment.

He also conducted a risk management study for the real offshore platform installation and simulate with the frame work that referred before. The Compression Module installation project in this case study utilized the systematic approach to manage the main risk. The Compression Module project had a very successfulness in risk management and met the expectation of client BP. The involvements of some stakeholders as client, contractors, and subcontractor have very good attitude in the risk management.

His thesis abstract is copied and posted.

ABSTRACT

In the Project management, risk management is a very important sector using particular method to achieve the best practices in the project of company. Risk management is a systematic approach to managing unexpected related to a threat, through a sequence of human activities including: Risk identification, Risk classification, Risk control, Risk monitor, Risk evaluation.
In the organization, there are some ways of risk dealing such as transfers the risk to another party, avoiding the risk, reducing the negative effect of the risk, and accepting some or all of the consequences of a particular risk. Some kind of traditional risk managements are focused on risks stemming from physical or legal causes (e.g. natural disasters or fires, accidents, death and lawsuits).
The purpose of risk management is to reduce different risks. It may refer to numerous types of threats caused by environment, technology, humans, organizations and politics. On the other hand it involves all means available for humans, or in particular, for a risk management entity (person, staff, and organization).