Investigation into the Current Project Risk Management Practices within the Libyan Oil and Gas Industry

Elhoush, R; Kulatunga, U

Abstract

The continued increase in the world’s population means increasing global energy demands. Hydrocarbons will
be the main contributor to meet these energy needs. However, the oil and gas projects are linked with
significant risks. The literature shows that many projects in the industry fail as a result of improper risk
management practices in place. This research paper focuses on Libya as a case, as Libya is an important player
in fulfilling the world’s energy demands, as well as the importance of the industry to the country’s economy.
With the existing situations in Libya, appropriate project risk management for the oil and gas industry needs to
be prioritised. The aim of the paper is to investigate the current project risk management practices in oil and
gas industry in Libya. Thirteen semi-structured interviews with top managers, project engineers and advisors
were utilised to achieve this aim. Findings show that the awareness of the concept is still very low and that there
is a lack of project management culture and project risk management in particular. The paper also
demonstrates that although these practices are applied to some extent, there is no written systematic procedure
for the process, instead the application of these practices relies on the prior knowledge and experience of the
individual. The lack of financial resources and the shortage of experienced and qualified personnel due to the
country’s current situation and lack of clear organisational vision, all limit the implementation of effective
project risk management in the oil and gas industry in Libya

Citation

Elhoush, R., & Kulatunga, U. (2017, June). Investigation into the Current Project Risk Management Practices within the Libyan Oil and Gas Industry. Presented at The 6th World Construction Symposium 2017, Sri Lanka

• Presentation Conference Type: Other
• Conference Name: The 6th World Construction Symposium 2017
• Conference Location: Sri Lanka
• Start Date: Jun 30, 2017
• End Date: Jul 2, 2017
• Acceptance Date: Jun 1, 2017
• Deposit Date: Jun 27, 2017
• Publisher URL: https://2017.ciobwcs.com/
• Additional Information: Event Type : Conference