Importance of Risk Tolerance Criteria in the Application of Quantitative Risk Assessment in Oil & Gas Industry

The Chemical, Petrochemical and Oil& Gas industry has had an excellent safety record<br>when compared with industry as a whole1. Nevertheless few major incidents like MIC gas<br>leak in Bhopal, LPG plant explosion in Mexico etc. with heavy loss of life led to public<br>concern about the hazards of process industry, resulting in legislations requiring<br>manufactures to demonstrate that appropriate safety measures are taken. This led the<br>industry to resort to predictive Quantitative Risk Assessment Technique (QRA)