Analysis of Risk Management Practices of the Oil and Gas Industry in Southeast Texas During Hurricane Harvey

Abstract

The rapid recovery of the oil and gas sector from natural disasters such as Hurricane Harvey is important for the local economic development of Southeast Texas. The recovery of this industry depends on efficient risk management from natural disasters. In this study Participatory Analysis of Risk Management (PARM) methodology is developed to determine the risk management practices used in recovery and resiliency from natural disasters. The other aim of this tool is to diagnose challenges and use past experiences of local stakeholders to avoid big losses in the future. This comprehensive analysis tool will help to analyze how oil and gas companies do risk identification, assessment, response, and monitoring after natural disasters, to reach reliable conclusions and recommendations. This study describes in detail the PARM methodology and applies it to the oil and gas sector in Southeast Texas.