Saudi Arabia holds the title as the world's largest producer and exporter of total petroleum liquids, and the country's national corporation, Saudi Aramco retains the most proven reserves and production of hydrocarbons worldwide. Only behind Russia as the largest crude oil producer, Saudi Arabia has an estimated 267 billion barrels of proven oil reserves, including 2.5 billion in the Saudi-Kuwaiti Neutral Zone, and 253 trillion cubic feet (Tcf) of proven natural gas reserves. Impressively, more than half of Saudi Arabia's oil reserves are sourced from only eight fields.
Risk Management is the identification and assessment of any risk associated with a project. In understanding the risks associated, organizations can prepare and minimize the impact of its actual occurrence. In oil and gas, risk can include uncertainty in financial markets, change to commodity prices, project failures, accidents and even natural disasters. Risk management is not just about minimizing impact, it also includes maximizing opportunities caused by external factors.