Project Risk Management
Risk analysis of Large Upstream Project
- Client
- Total E&P
- Country
- Italy
- Year
- 2013-2014
- Industry
- Oil & Gas
- Service
- Risk Management
kwantis carried out a complete schedule and budget risk assessment of the largest upstream development in Italy. It was the first application of the Project Risk Management process that kwantis redesigned in 2013.
The challenge
The project is particularly complex because it has to be integrated in a preserved environment. Its schedule and budget risks had to be assessed as a whole.
Our approach
kwantis applied the Project Risk Management guideline designed for all upstream projects of the client, a major European oil and gas operator. The process covers:
- the organization of risk management activities
- the identification and evaluation of each project risk issue
- an integrated schedule and budget model combining these risk issues, developed specifically in Primavera Risk Analysis
All assumptions were collected from project experts in every area (technical, permitting, organization, logistics, environment and others). Several visits to the site were needed to capture the complexity of the project context.
The outcome
The quantitative model highlighted the project’s criticalities in permitting and interfaces. It was then used to address mitigation plans, including all associated efforts and benefits (optimization scenarios).
