Risk Acceptance Criteria of Oil and Gas Pipelines Projects in Construction Period

Abstract

The transportation of oil and gas in pipelines is a valuable and essential link for oil and gas industry. However, due to the complexity of the oil and gas pipeline projects, the safety and environment issues during construction and operation are matters of great concern that should be treated carefully. Therefore, oil and gas pipeline projects must have effective risk management and risk acceptance criteria as well. Currently, indicators used as the correct factor of the quantitatively calculation for the value of acceptable risk is lacking. In order to obtain the quantitative value of risk acceptability for oil and gas pipeline projects, we have summarized the acceptability of risk development status in China and further proposed basic principles of risk acceptance index models. Risk acceptance criteria of oil and gas pipeline projects can thus be determined using the models proposed. Overall, this study provides an important basis for the risk assessment in oil and gas pipeline projects during construction period.KeywordsOil and gas pipelinesRisk acceptance criteriaIndividual riskEconomic risk