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

Authors: Aven, Terje¹; Renn, Ortwin²

Source: Risk Analysis, Volume 32, Number 9, 1 September 2012 , pp. 1561-1575(15)

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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.

Document Type: Research article

DOI: http://dx.doi.org/10.1111/j.1539-6924.2011.01777.x

Affiliations: 1: Department of Industrial Economics, Risk Management and Planning, University of Stavanger, Norway. 2: Department of Technical and Environmental Sociology, University of Stuttgart, Germany.

Publication date: 2012-09-01