Abstract:The oil and gas industry is a sector that is prone to risks that can have severe consequences for both the environment and the economy. In this study. the aim is to develop an effective mathematical tool for risk modeling in the oil and gas industry. The research proposes a simulation modeling approach that focuses on two key risk parameters -frequency and severity. By using differentiated distributions. the unique properties of risk in the oil and gas industry can be effectively described, and an algorithm ca… Show more
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