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On the Risk Management and Risk Governance of Petroleum Operations in the Barents Sea Area

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  • Terje Aven
  • Ortwin Renn

Abstract

In this article, we discuss issues of risk management and risk governance with respect to petroleum operations in the Barents Sea area. We will focus on the decision problems related to whether or not to open the Barents Sea for petroleum activities in special vulnerable areas. We will explore to what extent the International Risk Governance Council risk governance framework provides valuable insights for and assistance to the decisionmaker and other stakeholders (including the industry and NGOs). The study covers issues related to risk assessment and appraisal, risk acceptance and tolerability, the use of the precautionary principle, risk perception, stakeholder involvement, risk communication, and risk management. The overall aim of the article is to point to areas where the risk governance could have been and can be improved for these and similar decision problems.

Suggested Citation

  • Terje Aven & Ortwin Renn, 2012. "On the Risk Management and Risk Governance of Petroleum Operations in the Barents Sea Area," Risk Analysis, John Wiley & Sons, vol. 32(9), pages 1561-1575, September.
    • Handle: RePEc:wly:riskan:v:32:y:2012:i:9:p:1561-1575
    DOI: 10.1111/j.1539-6924.2011.01777.x
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    References listed on IDEAS

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    1. Terje Aven, 2011. "On Different Types of Uncertainties in the Context of the Precautionary Principle," Risk Analysis, John Wiley & Sons, vol. 31(10), pages 1515-1525, October.
    2. Ortwin Renn, 1998. "Three decades of risk research: accomplishments and new challenges," Journal of Risk Research, Taylor & Francis Journals, vol. 1(1), pages 49-71, January.
    3. Terje Aven & Ortwin Renn, 2010. "Risk Management and Governance," Risk, Governance and Society, Springer, number 978-3-642-13926-0, March.
    4. Terje Aven & Ortwin Renn, 2009. "The Role of Quantitative Risk Assessments for Characterizing Risk and Uncertainty and Delineating Appropriate Risk Management Options, with Special Emphasis on Terrorism Risk," Risk Analysis, John Wiley & Sons, vol. 29(4), pages 587-600, April.
    5. Simon Gerrard & R. K. Turner & Ian J. Bateman (ed.), 2001. "Environmental Risk Planning and Management," Books, Edward Elgar Publishing, number 1909.
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    Cited by:

    1. R. G. van der Vegt, 2018. "Risk Assessment and Risk Governance of Liquefied Natural Gas Development in Gladstone, Australia," Risk Analysis, John Wiley & Sons, vol. 38(9), pages 1830-1846, September.
    2. Michael Greenberg & Anthony Cox & Vicki Bier & Jim Lambert & Karen Lowrie & Warner North & Michael Siegrist & Felicia Wu, 2020. "Risk Analysis: Celebrating the Accomplishments and Embracing Ongoing Challenges," Risk Analysis, John Wiley & Sons, vol. 40(S1), pages 2113-2127, November.
    3. Terje Aven, 2013. "On How to Deal with Deep Uncertainties in a Risk Assessment and Management Context," Risk Analysis, John Wiley & Sons, vol. 33(12), pages 2082-2091, December.
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    7. Omid Zadakbar & Faisal Khan & Syed Imtiaz, 2015. "Development of Economic Consequence Methodology for Process Risk Analysis," Risk Analysis, John Wiley & Sons, vol. 35(4), pages 713-731, April.

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