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The oil and gas industry is historically very competitive, high risk and capital intensive. Delays and cost escalation in exploration, development, and production are often the differences between success and failure and any improvements in reducing the impact of cost and schedule risk is critical to success. Project risk management is the most cost effective and easiest to implement method to improve project performance and reduce cost. In spite of this, effective project risk management has not been fully taken up by the industry. This webinar will an overview of the basic steps of project and portfolio risk management process tailored for the oil and gas industry: • Identify project risks and record them in risk register • Assign risks and uncertainties to different projects and activities and calculate impact of these risks on project • Reduce the impact of project risks and uncertainties • Manage and control risks during a course of projects This webinar will use real examples and show how oil and gas companies can apply these risk management processes to control capital and operational costs.