Operational risk in the oil industry may lead to environmental disasters and to heavy loss of human lives. This advanced course program uses a model to analyse and to assess the operational risk at the drilling, primary transport and refining stage of the oil supply chain. For the drilling stage, three sub-methods are discussed, one for each period of the plant life cycle (design, construction and production). For the primary transport stage, two different risk management processes are considered: the former one allows the risks resulting from processes, procedures and physical components (other than oil-pipelines) to be identified, assessed and controlled, whereas the latter one allows risks arising from the pipeline breakdowns to be faced. Finally, for the refining stage, a preliminary phase is recommended to prioritise each equipment of the refinery, and several techniques and tools are suggested. For Senior Risk Officers and Managers in any of the upstream, midstream, and downstream subsectors of the oil and gas industry.