The design and construction of a refinery is inherently complex. The FEED (front end engineering and design) is the most critical stage where it's easy to influence the design at a relatively low cost. However, risk can occur at any project stage. For instance, one refinery in Venezuela, experienced financing problems, design issues, was partially destroyed during construction, and was underinsured. Eventually it was completed in 13 years. The original schedule was 4 years.

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Based on the above what are project risks from owner's perspective? How you as a project manager can manage risk in Oil Exploration and refining projects using AS/NZS ISO 31000:2009 Risk management Standard.