Risk Management in Planning and Implementation of Oil and Gas Field Development Projects in the Northern Seas

Onshore hydrocarbon reserves are becoming less significant every day due to their depletion and the increasing complexity of extraction. In this regard, more and more attention is being paid to offshore projects, which are becoming a key area of oil and gas industry development. Despite the complexities of offshore hydrocarbon field development, including high costs, environmental risks and technological chal-lenges, oil and gas companies continue to actively invest in the development of offshore extraction tech-niques and technologies. All stages of offshore field development involve a number of risks, such as harsh climatic conditions, technical accidents and environmental threats. Experts are trying to identify the most effective options for development, further field exploitation and the design of production gathering and processing systems. This is especially true in northern regions, where the harsh climate and remoteness of infrastructure require a special approach. In such conditions, the probability of error should be minimized, which is why it is essential to analyze the potential risks of a shelf development project. This paper presents an assessment of existing global practices for evaluating and identifying the risks faced by oil and gas companies when selecting onshore and offshore field development projects.