Risk Management in the Development of Drilling Technological Projects

which has gained much importance in recent times. It can be achieved
through a set of activities and decisions in which successfully drilling
the oil/gas deposits is very important. Drilling is a critical step in the
exploration process, and it has a high level of risk in terms of cost,
timeline, safety, and project completion. The study focuses on
identifying, evaluating and estimating unforeseen events that may
occur during the drilling projects. The methodology acquired for this
paper includes a thorough focus on the literature review which has
been done. It consists of a model/theory related to risk management
and the concept of risk management processes. A comprehensive
project life cycle model with six stages has correlated with the
drilling phases. Detailed risk management has been practised for an
integrated risk portfolio for the development project. A generalized
risk identification approach has been utilized to recognize possible
threats. A qualitative risk assessment has been executed for the
findings. Impact and probability benchmarks are categorized per the
past historical well's performances and published data. Considering
the importance of risk management for said projects, the study
focused on the literature review that highlights the processes,
procedures, and models for drilling risk management. Risks have
been recognized through a rigorous and comprehensive risk
identification process and have been evaluated with the qualitative
risk assessment approach. The risk register for development drilling
projects has been developed along with the risk matrix as per the
defined criteria of risk impact and probability for drilling.
Furthermore, a detailed risk breakdown structure has been formulated
according to the general area categorization to enlighten the risks
focused on each area of interest. Overall, the study will provide a
value-added and detailed risk management approach for new
ventures, which may be planned with the implementation of
comprehensive drilling risks management.