Introduction
Oil and gas companies face a variety of risks in the process of their operations. Many occurrences that happen outside a company may have an effect on the firm and the financial decisions that it makes. Changes in interest rates, prices of oil, and exchange rates among others are likely to alter the financial decisions of a firm. It is therefore imperative for firms to ensure that no potential economic changes pose a threat to their business.
According to Taylor and Kathleen (2013, p. 80), corporate financial managers are charged with the responsibility of ensuring that any past, current, and future fluctuations will not affect the economic standing of the firm. McShane and Anil (2011, p. 641) affirm that companies use various risk management tools known as derivatives to manage risks.
The tool used should caution the firm from negative impacts of various risks that may happen in its environment. According to Smistad and Igor (2012, p. 46), in western Canada, oil companies apply future derivatives to buy certain goods or services at a price that is agreed upon today.
Chanmeka et al. (2012, p. 259) argue that some companies make use of options where a firm gains the right to sell or buy certain goods or services at a certain price in the future. McShane and Anil (2011, 641) confirm that risk information is crucial to investors and the entrepreneurs themselves.
The oil and gas industry is likely to face various risks. For example, political risks, geological risks, price risks, supply and demand risks, and cost risks amongst others. This paper will discuss risk management in various gas and oil companies presenting a detailed literature review of risks in general followed by a detailed discussion of the in the oil and gas firms.
Risks
The subject of risks is quite pivotal when it comes to the running of various organisations. Companies need to be aware of the possible or rather potential risks that they are likely to encounter in a bid to develop mechanisms of mitigating them in real time once they occur to ensure continued operation rather than untimely closure of such firms due to their failure to take the necessary precautionary measures.
Various risks are likely to affect different investments. Such risks include political risks, price fluctuations, and changes in supply and demand, natural calamities, geological risks, economic recessions, and government control risks amongst others. Entrepreneurship is a risky undertaking and every entrepreneur has to risk some of these factors and get into business.
According to Taylor and Kathleen (2013, p. 83), in the world of business, general risks affect literary every company in business though at varying intensities. Risks have various implications on business depending on the level of their impacts and predisposition of a particular business on them. In some instances, risks may lead to complete loss of business.
For example, if a business is exposed to fire and explosives risks, it can be completely wiped out in case of an accident. However, McShane and Anil (2011, p. 641) affirm that some of the risks affect all businesses in their every day affairs, for example supply and demand risk, price risks, and government regulations.
Businesses have little or no control on some risks such as natural calamity risks, for instance earthquakes and floods. Nevertheless, it is important for a business to devise ways and methods of detecting, assessing, and mitigating the risks.
Oil and Gas Companies
Oil and gas companies provide a working illustration of the subject of risks that is under scrutiny based on the various risks they encounter in their everyday business affairs. From the point of extracting oil and gas, processing it into finished products to transportation, warehousing, and retailing, the whole business is a risk.
These companies encounter various types of risks in their line of business. Chanmeka et al. (2012, p. 259) assert that risks affect almost every firm in business and are likely to affect the oil and gas industry more than any other firm. According to Helman (2013, p. 62), the oil and gas industry faces tight regulations on how to conduct its business.
Such regulations include rules on how oil and gas are extracted from the source, regulations on where they can be extracted and where extraction cannot be done, and regulations of the period in which extraction of oil and gas can be done. The government has the upper hand in such regulations since oil business is lucrative.
In fact, the political wrangles that affect most countries that have oil and gas resources revolve around the control of oil wells by the government. Countries such as Sudan and Southern Sudan have been in conflict due to control of oil wells.
Such political wrangles have also been witnessed in Kuwait and Nigeria. Whenever there are political wrangles in the control of oil and gas, the companies that invest in such nations face higher economic and political risks. Haselip and Martínez (2011, p. 1) argue that politics of regionalism, equitable distribution of national resources, and resource distribution also affect oil and gas regulation.
In some cases, the laws governing extraction, processing, and distribution of oil and gases in different states may vary. Antonsen, Kari, and Jarl (2012, 2001) reveal that it is more risky to carryout oil and gas business in dependence on foreign deposits without standardisation.
In the oil and gas industry, some companies that show interest are likely to invest in any part of the world where the oil and gas field has a sheer disregard of the political climate of the country. According to Helman (2013, p. 63), if the host country nationalises the industry, foreign investors are likely to suffer loss.
Politics of that kind of nation may also change to favour certain investors or category of investors where the foreign investor may not be considered. Antonsen, Kari, and Jarl (2012, p. 2001) argue that some economies will attract investors to begin the process of extraction.
Nevertheless, once the process of extraction is complete and the oil and business industry becomes lucrative, politicians, activists, and government officials enact laws to enable the government to leap more from the industry. An investor who puts his or her resources in such an industry is therefore likely to suffer loss. Political risk in oil industry is a major threat to the stability of the sector.
It is even more risky to invest in the oil and gas industry in some developing countries. In some of the developing countries with plenty of oil and gas such as Libya and Sudan in Africa, the countries are under poor political leadership thus posing a great risk to investors in the industry. Whenever there is a political turmoil in various nations, oil tankers are targeted due to the high flammability of oil.
In addition, Dumaine (2013, p. 102) affirms that oil and gas industries demand tight security and surveillance even in small quantities such as in China. It would therefore mean that, when there is political instability in a county, the rate of insecurity goes down. Consequently, the risk on the industry goes up.
Wilkinson and Roland (2013, p. 118) assert that the process of gas and oil exploitation has also become very risky especially with the current dynamics. For instance, drilling of oil is happening in very dangerous environments such as oceans. Extraction in such areas increases the risks that oil and gas industries have to incur in the process of extraction, refining, distribution, and marketing.
Smistad and Igor (2011, p. 91) affirm that there has also been an increase in the level of unconventional methods of oil and gas extraction. Out of such unconventional methods of mining, some potential oil and gas mines have been poorly exploited or destroyed. In fact, some of these procedures have been used to extract oil and gas in places where it would have proved impracticable.
According to Smistad and Igor (2012, p. 46), gas and oil extraction companies involve themselves in great risks by investing a lot of finances and other resources in extraction. Some companies have incurred much cost in the process of extracting gas and oil only to find minimal deposits than they had estimated.
It is therefore risky ventures for a company to be sure that geologists and rock experts have enough evidence of the presence of oil or gas in a certain area. According to Smistad and Igor (2011, p. 91), it is also risky for the extraction company to hire specialists such as geologists in oil in the process of investigating the presence oil or gas in a certain field and then fail to realise the targeted amount of oil or gas.
Oil and gas extraction, processing, marketing, and distribution constitute a business that aims at obtaining profits. The prices in the oil and gas markets must therefore be able to sustain the industry in a profitable way. Fluctuation in oil and market prices is a risk factor to the industry. No one can predict what the prices of oil or gas will be when the process of extraction will be completed.
Mehemed, Kamal, Kieran, and Kong (2012, p. 201) argue that companies in this industry therefore undertake a risk in extracting and purifying the gas without clear future market prices for their products. In several instances, oil and gas extraction companies have undergone the whole process of geological tests and drilling despite their ending up without the projected product.
In such cases, unless the gas and oil extraction company is insured, it suffers a big loss. The nature of oil and gas market has been fluctuating over the years. According to Chen and Jevons (1993, p. 667), fluctuation of oil and gas prices poses a great risk to the stakeholders in the industry.
Supply and demand issue is a limitation to the oil and gas industry. Venturing into oil and gas industry involves investing huge capital. The operations involved in extracting oil and gas are very expensive and extraction companies have to invest in the process. However, such companies may not be aware of the trend that prices of gas and oil will take in the future. Wood (2011, p. 113) affirms that demand and supply keep on changing.
When the supply of gas in the world market goes high, the prices go down thus increasing the risk of incurring heavy losses. Oil and gas industry also experiences imbalances when prices of oil go up. In most cases, when the prices of oil and gases hike, large warehouses hoard the commodities.
O’keefe and Doris (2013, p. 158) argue that hoarding increases the risk of loss of customers on retailers and local wholesalers since the commodity does not reach the target consumer. Such suppliers are also at the risk of being compromised of inconsistency by their customers.
Mohanty and Mohan (2011, p. 165) argue that it is also very hard to predict the production rates of gas and oil in various states especially with a nation with many states such as the U.S. Kendrick (2012, p. 61) affirms that unpredictability of productivity increases the risk of price fluctuation in the oil and gas industry.
In addition, Andersson, Sudhir, and Zafar (2009, p. 440) reveal that, whenever there is a financial crisis in a country or a region, for example, the American crisis or the European crisis of 2007, supply and demand of oil and gas also change. Financial crisis increases the risk of reduced purchasing power. Hence, the affected country experiences low demand for oil and gases.
Wood (2011, p. 113) point out that the economic crisis increases the risk of low supply and demand due to its ability to reduce the capital base of a nation. When a country has a low capital base, it is limited in its operations. Donaldson and Schoemaker (2013, p. 24) argue that the macroeconomic position of the industry can also increase the risk of demand and supply.
Macroeconomic power of every industry dictates the success of business under it. The oil and gas industry experiences huge operational costs. O’keefe and Doris (2013, p. 158) argue that all the other risk factors involved in the oil and gas industry drain into operational costs.
Mohanty and Mohan (2011, p. 165) argue that, when the regulations set by political leaders and governments of a particular nation are very tight, the operation cost goes up.
Tight regulations make the process of extracting, processing, and distributing gas and oil more extensive and hence expensive. Wilkinson and Roland (2013, p. 118) posit that the operations that are involved in the process of oil mining and gas harvesting determine the level of operations risks that a firm is likely to incur.
The operations involved in drilling are also extensive and expensive. Mehemed, Kamal, Kieran, and Kong, (2012, p. 201) establish that the process of drilling is coupled with many limitations, for instance, bad weather, poor soils and other geological factors, inaccessibility, and technological problems. Such problems increase the operations cost. When the operations cost hikes, the industry becomes disfranchised.
Different producers set their own market prices to overcome their cost of production. According to Donaldson and Schoemaker (2013, p. 24), variation in the cost of production makes it difficult for nations of the world to set standard oil and gas prices.
In fact, some industries incur a double or triple cost of production compared to others. It is out of such variations that oil and gas prices have become very competitive in the market. According to Robb (2012, p. 756), industries that have been in the line of production for many years incur lesser risks than new industries.
Managing Risks- Risk Identification, Risk Assessment, and Risk Control
The oil and gas industry is a risk-prone industry. Various uncertainties go along these risks such as the risk of exploration, demand and supply risk, crude price uncertainty, and product line risk. According to Robb (2012, p. 756), the oil and gas industry is one of the risky ventures. Hence, to prevent the danger that the industry poses, there should be the need to manage it.
Sarkar (2012, p. 28) affirms that management of risks also ensures that the small industries and the upcoming ones become commercially viable. In addition, there are technological risks such as “cyber threats of Stuxnet virus, which also target lucrative oil and gas industry” (Sudhir, and Zafar 2009, p. 440).
These and many other risks in oil and gas industry necessitate the need for risk management. Consequently, various methods of risk management have been put in place to mitigate risks in this industry.
Risk Identification
Oil and gas companies have invested in information access control and management. Such risk management strategies involve identifying and accessing the right information at all time when it is very necessary. Information management has been a great source of risk in the oil and gas industry. Oil and gas companies have therefore put in place mechanisms to harvest policy information, process it, and use it gainfully.
According to Andersson, Sudhir, and Zafar (2009, p. 440), information harvesting, processing, and management reduce the risk of operations. When companies access the right information before investment, they are able to reduce compliance risks. The company can use future derivative to organise how it will acquire various goods and services in the future at a certain price.
Sarkar (2012, p. 28) affirms that speedy exchange of information across the industry enables investors to make the right information. Classified information and access to the information systems of oil and gas companies has also been highly controlled.
Risk Assessment
Modern technology aids in the reduction of variation in governance-risk-compliance. Technology is also an efficient tool in the reduction of operational risk.
According to Akhibi (2012, p. 6), the use of real time monitoring technology enables the oil and gas companies to improve the availability of the commodity to customers, reduce operational costs, avoid conflicts with the society and the regulatory authorities, and reduce the risk of demand and supply.
Dumaine (2013, p. 102), affirms that oil and gas companies are adopting condition-based monitoring in risk management, which involves positioning various sensors to measure and record the prevailing environmental conditions such as vibration and temperatures (Pinheiro 2011, p. 34). Such sensors enable the oil and gas companies to detect equipment failure in real time.
In fact, Srivastava and Gupta (2010, p. 407) assert that the devices are sophisticated to ensure that alert devices either sound the alarm or give work orders to the operations department. Wimalasiri et al. (2010, p. 49) affirm that sensors have enabled many oil companies to avoid the risk of losing billions of money in spillage and leakages.
Some oil and gas companies have set up strategic teams to manage any eventuality such as equipment failure and fire outbreaks. Schroeder and Jan (2007, p. 0.1) point out that fire departments are also connected to sensors in order to enable quick response to eventualities and occurrences.
Wimalasiri et al. (2010, 49) argue that predictive maintenance enables the industry to realise when there is the need to purchase certain equipments before the actual damage is done. Various modern technology devices are put in place to detect wear-and-tear and obsoleteness of equipments in the oil industry.
Qian, Yulin, and Gonzalez (2012, p. 859) observe that, whenever the devices sense that a gas tank or an oil tank is not up to the set standards, the necessary alert message is sent to the maintenance department for replacement.
Srivastava and Gupta (2010, p. 407) affirm that the sensor is also able to compare and analyse the level of functionality of every device in the firm and or give the right report on each. Pinheiro (2011, p. 34) observes that such quick reactions enable the firm to avoid health risks.
Risks Control
Oil and gas companies have to deal with the increased compliance and regulations facing the industry today. For example, according to Molokwu, Barreria, and Boris (2013, p. 2), in South Africa, tight requirements of reporting on all operations and events of minor accidents and incidents have been an expensive venture for the industry. There are also tight regulations on drilling operations.
Oil and gas companies have therefore put in place mechanisms to ensure that the checklist for all regulations is complied with as the government of the area dictates (Chan 2011, p. 341).
Such compliance includes registration of the company, authorisation for drilling, construction of the industry, reliability in maintenance of structures such as oil wells, and the ability to remain in the market as a competitive industry (Khan 2010, p. 157). According to Haselip and Martínez (2011, p. 1), politics in a certain nation or state can play a role in the oil and gas industry.
The major role that political forces play in the oil and gas industry is to regulate prices. Politicians are opinion leaders who largely become policy makers. Oil and gas industries have therefore put in place mechanisms to work with government in price regulations and policy control.
The gas and oil companies have to deal with various environmental and health risk compliance processes. The oil and gas industry also faces the risk of geological inadequacy. In most of the nations and states, the reserve of oil and gas is already tapped out. The risk has also spread in nations that have been exploiting their reserves since they are also in the process of being fully exploited.
According to Andersen and Aamnes (2012, p. 2010), companies have therefore put in place methods of ensuring that they comply with the health regulations in their area of investment. Oil is a pollutant to the environment in a double way especially when not well handled.
According to Perunović and Jelena (2012, p. 130), the risk of oil spillage in water, for example, during mining or transportation in the sea has been greatly reduced through modern technology. Sophisticated mining methods have been employed to ensure no oil spillage during mining.
In fact, Perunović and Jelena (2012, p. 130) affirm that modern water vessels have also been adopted in transporting oil through the sea. Khan (2010, p. 157) posits that employees’ health and safety have also been a risk issue in the oil and gas industry. Oil and gas prices are another risk that investors in this industry face.
Chen and Jevons (1993, p. 667) argue that prices dictate whether a venture into extracting oil or gas is to be feasible or not. When geological limitations are high, the price risk of extracting oil or gas goes high. Oil and gas companies have therefore ensured high safety standards to employees through education and trainings.
According to Molokwu, Barreria, and Boris (2013, p. 2), employees are taught how to protect themselves, how to behave while in the extraction site or in the storage and distribution site, and even how to manage eventualities such as fire outbreaks.
Chan (2011, p. 341) reveal that oil and gas companies have also ensured that the community living near the mines and storage areas are also informed on management of fire and spillage.
According to Hayes and Hopkins (2012, p. 145), oil and gas companies have also made use of resource centres that are set within the industries. Various minds gather in the resource centres to exchange ideas on the problems facing the industry.
Schroeder and Jan (2007, p. 0.1) affirm that, unlike in the past when orders came from managers, engineers in today’s industry meet and exchange knowledge on various problems that their firms face.
Hayes and Hopkins (2012, p. 145) assert that, with the meeting of engineering experts from various departments, the right solutions are likely to be realised to eliminate various risks facing oil and gas industries for example the geological and price fluctuation risks.
The experts will come up with recommendations on the right measures that the industry should take to avoid risks. Such decisions and recommendations majorly include modification, technological adaptations, planning, and maintenance.
With the modern advancement in information technology, cyber crime and information system hacking has posed another risk to the oil and gas industry. According to Akhibi (2012, p. 6), in Nigeria, oil and gas companies have therefore put in place cyber security designs and technologies to mitigate the risk.
In oil and gas industries, information system security has been highly integrated with people, processes, data, and systems. Such ventures secure the system to ensure accountability on the side of the operators.
Qian, Yulin, and Gonzalez (2012, p. 859) argue that information security also ensures continuous surveillance of the internet protocol openings and filtration of information before it gains access to the main information system of the company.
Importance of Managing Risks specifically in Oil and Gas Companies
Based on the information already presented concerning risks and their repercussions if not mitigated, it becomes clear on the need to manage risks by all organisations, leave alone the oil and gas companies. Such risks reduce the ability of the firm to predict the course of business. The oil and gas industry faces various difficulties and tight monitoring by many authorities.
Investing in the oil industry is also a very risky venture. In this light of probability of loss in the oil and gas industries, this paper highlights various importance of risk mitigation. Every derivative that oil and gas industries put in place should aim at risk mitigation. The derivatives that a firm takes should be aimed at cautioning the industry from the past, current, and future risks.
Kendrick (2012, p. 61) asserts that risk management in oil and gas industries ensures that there is proper compliance with the regulations of the authorities in their place of business. Insuring the business against various risks also enables the company to have confidence and security in trade. Such regulations should also be adhered to avoid the risk of regulations and compliance.
According to Andersen and Aamnes (2012, p. 2010), managing risks in the oil and gas industry enables the companies to have clear visibility of the current position and the future of the firm. Such a goal can be attained by venturing into future derivatives. The industry should sign for future trading ventures at certain prices with certain companies.
Conclusion
In conclusion, every business venture is exposed to various risks. Consequently, every business has to put in place various mechanisms to identify, monitor, assess, and control risks. Private enterprise is generally a risky venture. However, as discussed, the oil and gas company is bound to face more risks than any other business.
The major risks that affect oil and gas companies include geological risks, political risks, government regulations, and compliance risks, price fluctuation, demand and supply, and natural calamities risk. Oil and gas companies have therefore invested heavily in various risk mitigation measures.
Such measures include risk identification, risk assessment, and risk monitoring and control. It is important to manage risks in every business venture. Risks can result in complete loss of business.
They can lead to conflicts with the authorities and the communities in the business environment. It is therefore important to comply with the regulatory measures put in place by the regulatory authorities. Insuring the business against various risks is also an important step in risk mitigation.
References
Akhibi, O 2012, ‘Risk Management – An Essential Ingredient in Nigerian Oil and Gas Construction Projects Delivery’, PM World Today, vol. 14 no. 3, p. 6.
Andersen, S & Aamnes, M 2012, ‘Risk analysis and risk management approaches applied to the petroleum industry and their applicability to IO concepts’, Safety Science, vol. 50 no. 10, pp. 2010-2019.
Andersson, R, Sudhir, C, & Zafar, K 2009, ‘Effects of Cutbacks in the United States Oil and Gas Industry on Employee Attitudes: An Empirical Study’, International Journal of Management, vol. 26 no.3, pp. 400-411.
Antonsen, S, Kari, S, & Jarl, R 2012, ‘The role of standardisation in safety management – A case study of a major oil & gas company’, Safety Science, vol. 50 no. 10, pp. 2001-2009.
Chan, M 2011, ‘Fatigue: the most critical accident risk in the oil and gas construction’, Construction Management & Economics, vol. 29 no. 4, pp. 341-353.
Chanmeka, A, Thomas, S, Caldas, C, & Mulva, S 2012, ‘Assessing key factors impacting the performance and productivity of oil and gas projects in Alberta’, Canadian Journal of Civil Engineering, vol. 39 no. 3, pp. 259-270.
Chen, K & Jevons, C 1993, ‘Financial Ratios and Corporate Endurance: A Case of the Oil and Gas Industry’, Contemporary Accounting Research, vol. 9 no. 2, pp. 667-694.
Dumaine, B 2013, ‘Fracking Comes To China’, Fortune, vol. 167 no.6, p. 102.
Donaldson, T & Schoemaker, P 2013, ‘Self-Inflicted Industry Wounds: Early Warning Signals and Pelican Gambits’, California Management Review, vol. 55 no. 2, pp. 24-45.
Haselip, J & Martínez, R 2011, ‘Peru’s Amazonian oil and gas industry: risks, interests and the politics of grievance surrounding the development of block 76, Madre de Dios’, International Development Planning Review, vol. 33 no. 1, pp. 1-26.
Hayes, J & Hopkins, A 2012, ‘Deepwater Horizon — lessons for the pipeline Industry’, Journal of Pipeline Engineering, vol. 11 no. 3, pp. 145-153.
Helman, C 2013, ‘The World’s Biggest Gusher’, Forbes, vol. 191 no. 3, pp. 62-68.
Kendrick, V 2012, ‘Safety Management in the Oil & Gas Industry’, EHS Today, vol. 5 no. 8, pp. 61-62.
Khan, M 2010, ‘Effects of Human Resource Management Practices on Organisational Performance — An Empirical Study of Oil and Gas Industry in Pakistan’, European Journal of Economics, Finance & Administrative Sciences, vol. 1 no. 24, pp. 157-175.
McShane, M & Anil, N 2011, ‘Rustambekov, Elzotbek (2011). Does Enterprise Risk Management Increase Firm Value?’, Journal of Accounting, Auditing & Finance, vol. 26 no. 4, pp. 641-658.
Mehemed, E et al. 2012, ‘The Quantity and Quality of Environmental Disclosure in Annual Reports of National Oil and Gas Companies in Middle East and North Africa’, International Journal of Economics & Finance, vol. 4 no. 10, pp. 201-217.
Molokwu, V, Barreria, J, & Boris, U 2013, ‘Entrepreneurial orientation and corporate governance structures at the firm level in the South African oil and gas industry’, South African Journal of Human Resource Management, vol. 11 no. 1, pp. 1-15.
Mohanty, S & Mohan, N 2011, ‘Oil Risk Exposure: The Case of the U.S. Oil and Gas Sector’, Financial Review, vol. 46 no. 1, pp. 165-191.
O’keefe, B & Doris, B 2013, ‘The Unseen hand That Moves the World’s Oil’, Fortune, vol. 167 no. 4, p. 158.
Perunović, Z & Jelena, V 2012, ‘Environmental Regulation and Innovation Dynamics in the Oil Tanker Industry’, California Management Review, vol. 55 no. 1, pp. 130-148.
Pinheiro, A 2011, ‘Assessing Risk: A Simplified Methodology for Prejob Planning in Oil & Gas Production’, Professional Safety’, vol. 56 no. 9, pp. 34-41.
Qian, Ying, Yulin, C, & Gonzalez, J 2012, ‘Managing information security risks during new technology adoption’, Computers & Security, vol. 31 no. 8, pp. 859-869.
Robb, M 2012, ‘Human factors engineering in oil and gas – a review of industry guidance’, Work, vol. 41 no. 1, pp. 752-762.
Sarkar, A 2012, ‘Impact of Total Cost Management on Financial Performance: An Empirical Study of Selected Public Sector Oil and Gas Companies in India’, Journal of Institute of Public Enterprise, vol. 35 no. 3/4, pp. 28-39.
Smistad, R & Igor, P 2012, ‘Hedging, Hedge Accounting and Speculation: Evidence from Canadian Oil And Gas Companies’, Global Journal of Business Research (GJBR), vol. 6 no.3, pp. 49-62.
Smistad, R & Igor, P 2011, ‘Hedging, Hedge Accounting and Speculation: Exploratory Study Based On A Sample Of Western Canadian Oil And Gas’, Global Conference on Business & Finance Proceedings’, vol. 6 no. 2, pp. 91-104.
Schroeder, B & Jan, J 2007, ‘Why Traditional Risk Management Fails in the Oil and Gas Sector: Empirical Front-Line Evidence and Effective Solutions’, AACE International Transactions, vol. 1 no. 2, pp. 01.1-01.6.
Srivastava, A & Gupta, J 2010, ‘New methodologies for security risk assessment of oil and gas industry’, Process Safety & Environmental Protection: Transactions of the Institution of Chemical Engineers Part B, vol. 88 no. 6, pp. 407-412.
Taylor, M & Kathleen, B 2013, ‘Managing Risks In The Volatile Energy Industry’, RMA Journal, vol. 95 no. 6, pp. 80-84.
Wilkinson, A & Roland, K 2013, ‘Living In the Futures’, Harvard Business Review, vol. 91 no. 5, pp. 118-127.
Wimalasiri, V et al. 2010, ‘Social construction of the aetiology of designer error in the UK oil and gas industry: a stakeholder perspective’, Journal of Engineering Design, vol. 21 no. 1, pp. 49-73.
Wood, D 2011, ‘Is the oil and gas industry adequately handling exposure to extreme risks?’, World Oil, vol. 232 no. 10, pp. 113-118.