Understanding the Oil and Gas Industry and Its Risks

Course Details

This course is not subject to discount pricing.

Additional Credit Available:

Add Insurance CE

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Field of Study: 

Management Services

Exam Requirements

Proctor Required: 


Passing Grade: 




Please note: Adding Additional Credit may change exam requirements.

Course Description
The first step in setting up an insurance program is identifying the risks that must be managed and insured. One of the keys to identifying the risks and designing a good insurance program is an understanding of the industry, how it works, and the unique vocabulary that goes with it. This course provides an overview of the oil and gas industry and its risks, focusing on the nuts-and-bolts operational aspects and addressing risk management concerns relating to the various processes. The course takes a sequential approach. After briefly describing how petroleum originated and where petroleum deposits exist, the course describes the exploration processes, the onshore and offshore drilling processes, the completion process, the transportation process, and the refining process. At each stage the key hazards and risks associated with the process are identified. The course concludes with a discussion of the business side of the industry and the most significant regulatory factors affecting the petroleum business.

Learning Objectives
This is an intermediate-level self-study course. Students who successfully complete this course will be able to

  • identify the processes involved in oil and gas exploration
  • recognize the major players and the key contracts involved in a petroleum project
  • determine the equipment and processes involved in onshore and offshore well drilling
  • identify the processes and equipment involved in onshore and offshore well completion and production
  • recognize how pipelines are used to transport oil and natural gas and the processes involved in pipeline construction
  • explain the processes involved in refining and distributing oil and gas products
  • deduce key hazards and risks associated with all aspects of the oil and gas business


A basic understanding of commercial liability exposures and insurance coverage.

CPE Field of Study
Management Services

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International Risk Management Institute, Inc. (IRMI) is the premier provider of risk and insurance continuing education and reference publications, and is considered the ultimate authority by leading insurance practitioners. Written by industry experts, IRMI courses provide the most up-to-date, practical and reliable information possible.