Geological exploration projects performed on the continental shelf are associated with high technological, financial, reputational and environmental challenges. To mitigate and prevent possible negative consequences on project implementation, it is necessary to introduce an up-to-date innovative management systems aimed at enhancement of industrial safety, reduction of financial and technological burden on the project, elimination of environmental risks, and improvement of management decisions. A risk management system is a part of such management systems.
This article is dedicated to an experience of RN-Shelf-Arctic LLC and RN-Exploration LLC (Rosneft exploration affiliates) in developing and implementing a risk management process for exploration projects on the Arctic shelf as well as in the Southern and Far Eastern seas. A process of risk management of geological exploration projects implemented on the continental shelf is described in detail. Implementation of each stage of the process, such as risks identification, qualitative and quantitative assessment, response planning, monitoring and control, has been consistently reviewed. Special attention is paid to analysis of the identified risks, their ranking and prioritization. Areas of analysis, such as risk level, dynamics, and status are also detailed. A form for the consolidated report is presented with a description of its preparation process, examples of risk indicators and graphical representation of the analysis results. The article describes key deliverables and expectations of a risk management system of the projects being an integral part of a project management and financial and economic management system of the above mentioned companies.
