As home to supermajors, as well as a plethora of smaller, independent energy players, the US boasts one of the largest concentrations of energy personnel in the world. With its insatiable appetite for energy resources, the United States is the world's single largest consumer of oil, using as much as 20.73 million barrels per day as of 2008. Recently, interest has peaked in the vast quantity of untapped natural gas resources in the US, the reserves of which were inventoried in 2008 at 238 Tcf, with producers specifically targeting the nation's promising shale formations for this energy commodity.
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.