GUEST LECTURE

ON

INTRODUCTION TO RISK MANAGEMENT IN

PETROLEUM INDUSTRY

The SPE ISM Dhanbad Student Chapter organized a guest lecture by Mr Raj Jhajharia in the Lecture Hall Pet 1 of ISM on August 16, 2011. Mr. Jhajharia is a distinguished alumnus of ISM Dhanbad of 1975 petroleum engineering batch and is currently working as the chief analyst at ADNOC in Abu Dhabi. The topic for lecture was INTRODUCTION TO RISK MANAGEMENT IN PETROLEUM INDUSTRY which included the basic understanding of risk, Risk Management , Planning, Monitoring and Risk Control.

The event started with Dr. A.K.Pathak, Head of Department, Petroleum Engineering delivering a speech on the heights that petroleum engineering has attained in ISM, followed by the introductory speech by Prof. S K Laik, the DSW, who was once the branch senior of the speaker. Apart from the SPE faculty sponsor Dr Ajay Mandal and the Petrotech Society Convener Dr Keka Ojha, many other faculty members graced the occasion with their esteemed presence.

The lecture began with the introduction of RISK ENGINEERING as an interesting and promising career. He also described the consequences of RISK like a CATASTROPHE and visually described the risk involved in petroleum industry with the help of videos of the past catastrophic events at BOMBAY HIGH on July 27, 2005 and the cataclysm at PIPER ALPHA (UK 1998). He further emphasizes on the causes, occurrences, and impacts of risk, describing different losses caused if the risk is not properly managed.

In the closing minutes, he concluded the presentation by explaining the different methods of RISK MANAGEMENT CONTIGENCY PLAN by the proper analysis of Risk Matrix Chart, Comah Report, by updating Risk Register and having a Feedback Plan followed my methods for monitoring and controlling. Finally, the presentation came to an end by the very old and famous saying by Dr TREVOR KLETZ.

IF YOU THINK SAFETY IS EXPENSIVE, TRY AN ACCIDENT

The end of the event saw a concluding speech from Dr. Ajay Mandal, Faculty Sponsor, SPE ISM Student Chapter describing the work done by Mr. Raj Jhajharia as outstanding in his domain and thanked him for taking time out of his schedule and addressing the students. A memento of appreciation was then presented to the speaker by the head of department which marked the conclusion of the event.