Abstract
Climate change already has far-reaching impacts on the oil industry, putting the operation, reliability, and growth of the sector at risk. Oil infrastructure has multi-decadal lifetime projections; thus, climate change and extreme weather events such as extreme temperatures, hurricanes, high winds, lightning strikes, storm surges, flooding, etc., pose an extra challenge to the oil supply chain, from upstream to downstream. In this paper, we review the climate change risk assessment frameworks, the impacts of climate change on oil infrastructure, and we identify gaps in the current knowledge, also suggesting future search directions on adapting the oil sector to climate change. The work overviews linkages between climate and oil industry design, operational, and service thresholds in a comprehensive hazard threshold matrix. Existing risk assessment methodologies that account for existing regulatory frameworks and interdependencies with other infrastructures are studied, leading to mitigation, adaptation, and sector resilience recommendations.
Highlights
The oil industry is a critical part of the global energy sector, as their processes have significant effects on all the productive sectors of the economy and the population
Considering that climate change (CC) is the second most critical factor that might increase the occurrence of a Natech event [8], actions should be taken to ensure the resilience of oil infrastructure, the investments in the oil industry, and the safety of people and the environment
CC should be considered as an important Natech triggering mechanism in Quantitative Risk Assessment (QRA), which is mandatory for the oil industry
Summary
The oil industry is a critical part of the global energy sector, as their processes have significant effects on all the productive sectors of the economy and the population. A holistic approach is, required to make resilience-based informed decisions on the oil infrastructure growth and sustainability under extreme weather events (EWE) that are projected to be exacerbated under CC. Under those circumstances, the aim of this is to: 1.
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