Enterprise Risk Management in the Oil and Gas Industry: (Evidence from World and Iran as a Developing oil-export based Economy)
Journal Title: International Research Journal of Applied and Basic Sciences - Year 2015, Vol 9, Issue 9
Abstract
In this paper I attempt analyze key concepts about risk management, oil and gas industry and how risk management effect on petroleum industry. First, Expensive equipment items like drilling rigs, offshore platforms, oil tankers, refineries, pipelines, petroleum depots and transport equipment are critical to this industry. The petroleum supply chain appears as a significant risk and high impact industry at the micro and macroeconomic level. Although, risk management bears prime importance for this industry, there is notorious absence of quantitative modeling. So, Risk management refers to an interactive process consisting of steps, which when undertaken in sequence, enable continual improvement in decision making. The aim of risk management is to obtain understanding by all parties and agreement around what the risks really are and how they will be managed to improve performance, increase the value of firms and reduce financial distress. In other hand. Iran’s oil and gas sector remains critical to the country’s economic prospects. Its future depends not only on whether, and how quickly, sanctions are removed, but also on the terms that Iran is prepared to offer to the international oil companies. So, Iran has struggled to attract investors.
Authors and Affiliations
Seyedeh Farokh Nikoo| Investment Fund Manager in Security Exchange Market and MS of Financial Management
Keywords
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