Perspectives on Risk Acceptance Criteria and Management for Offshore Applications - Application to A Development Project

Abstract

Risk acceptance criteria as upper limits of acceptable risks have been used for offshore activities on the Norwegian Continental Shelf for more than 20 years. The common thinking has been that risk analyses and assessments cannot be conducted in a meaningful way without the use of such criteria. We challenge this thinking. A case studied is presented that demonstrates how the risk management process can be defined and implemented for an offshore development project, without such criteria. Focus is on risk reduction processes emphasising generation of alternatives, cost-effectiveness and management involvement in the decision-making process.

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