Study of Risk Management in the Project of the Oil Industry in Yemen

摘要

This paper aims to identify the significant risks affecting Yemen's oil sector projects and devise practical solutions to mitigate important risks. It demonstrates mismanagement of the oil sector, Corruption and bribery, wars and ongoing conflicts, exchange rate volatility, a lack of modern technology, and economic and financial crises which have produced economic calamity in the country. A survey has been conducted through the one hundred one executives and staff of the oil sector in Yemen, which is concluded a statistical review of the top five risks. According to the results of this report, the risk of war conflicts and Corruption, bribery is nearly 78% to 81%, the rate of exchange and financial crises nearly to 76% to 78%, and lack of modern technology is 75%. The major contribution of the manuscript, conducting informal interviews with different levels of the Yemen Petro government, the mitigation measures were drafted. However, some project management officials have described different mitigation strategies for these significant risks mentioned above. Companies can operate safely, teach project managers, and implement contractor evaluation using multiple technical standards to strengthen the powers of project staff. An administrative and supervisory change is recommended. The conclusion of this study can be mitigated to managed highly impacted risks to resolve conflicts and rebuild what has been destroyed, hiring qualified consultants to assess the oil industry's work in light of the mortgage situation, and a training project. Strengthening law enforcement requires the right people, staff, a focus on teamwork, and improving the climate for non-complicit bidding. For effective risk mitigation, empower people.