Investigating new risk reduction and mitigation in the oil and gas industry

• Impact of major accidents in the petroleum industry.
• Common Risk Assessment tools in the petroleum industry.
• Major accidents are wake up calls to the industry.
• Early and precise risk assessment is essential to forecast and mitigate potential.
• Verifying the software application to the oil and gas industry.

The complexity of the processes and the nature of volatile petroleum products urged the oil and gas industry to utilize various risk assessment techniques to identify potential failure modes that can interrupt operation processes. Consequently, government agencies and nonprofit professional societies guide the industry with regulatory guidelines, standards, and best recommended practices to oversee the operations management, assure safe working environment, and contain failures within tolerable limits. Yet, accidents due to electro-mechanical failures still occur and result in various consequences. Accordingly, critics have raised concerns about the petroleum industry's safety and risk mitigation credentials and question its ability to prevent future major accidents. Therefore, new risk assessment tools need to be introduced to provide decision makers and novice engineers with a diverse perception of potential risks. The aim of this paper is verify the application of Risk in Early Design (RED), a product risk assessment tool, in identifying potential failures in the oil and gas industry. Approximately thirty major accident underwent the RED analysis to verify the software's application to identify and rank potential failure modes.