Operational Regulatory to Minimise Risks in the Malaysian Oil and Gas Industry

Abstract

Unfortunate events persisted in oil and gas projects and operations despite extensive study and collective efforts, highlighting the complexity of the challenges faced by the industry. Moreover, previous studies revealed shortcomings in the regulatory framework, hindering appropriate risk management during operational activities, emphasising the crucial role of effective risk management for overall organisational performance. The persistence of disputes and unfortunate occurrences, despite existing regulations, indicated gaps in current operational processes, underscoring areas for improvement addressed by this study. Through qualitative analysis of semi-structured interviews with participants involved in project and operational roles across various oil and gas organisations, this research identified weaknesses in current systems and recommended enhancements. Recommendations included robust enforcement mechanisms, efficient resource management, enhanced awareness campaigns, streamlined procedures, and the incorporation of technology in operations. Overall, this study contributes to understanding the complexities of regulatory compliance and risk management in Malaysian O&G operations, offering insights for enhancing operational efficiency and minimising risks associated with regulatory implementation.