Holistic Environmental Risk Index for Oil and Gas Industry in Colombia

Miguel A. De Luque-Villa (), Daniel Armando Robledo-Buitrago and Claudia Patricia Gómez-Rendón
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Miguel A. De Luque-Villa: Maestría en Gestión del Riesgo y Desarrollo, Escuela de Ingenieros Militares, Carrera 54 # 26–25, Bogotá 111611, Colombia
Daniel Armando Robledo-Buitrago: Grupo de Investigación Cundinamarca Agroambiental, Facultad de Ciencias Agropecuarias-Ingeniería Ambiental, Universidad de Cundinamarca, Facatativá 252211, Colombia
Claudia Patricia Gómez-Rendón: Maestría en Gestión del Riesgo y Desarrollo, Escuela de Ingenieros Militares, Carrera 54 # 26–25, Bogotá 111611, Colombia

Sustainability, 2024, vol. 16, issue 6, 1-19

Abstract: Risk management for technological hazards mainly focuses on the consequences for human lives. Although technological risk analysis evaluates environmental vulnerability, it does not reflect the consequences of environmentally exposed elements. This paper’s objective is to propose a conceptual framework and create a multidisciplinary evaluation model for environmental risk analysis in the oil and gas industry. A holistic assessment was carried out based on probabilistic risk analysis methodologies to obtain a holistic environmental risk index, HERi. Moncho’s Equation was adapted by combining ecological risk, E R , and an aggravating coefficient, F . Transformation functions were utilized to represent the risk probability distributions. The results from the holistic environment risk index were standardized in a sigmoidal function using the ALARP criteria. Finally, the methodology was applied in two case studies in Colombia, comparing the results with an alternative model. This study found that Colombian armed conflict is a key factor that increases environmental risk in oil and gas projects. The proposed methodology takes a holistic approach by integrating socioeconomic factors and resilience considerations into the risk assessment process. This approach provides a more comprehensive understanding of the environmental risks associated with oil and gas projects in Colombia and promotes more effective sustainable management actions.

Keywords: environmental risk index; holistic approach; environmental fragility; aggravating factors; oil and gas industry (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2024
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