Quantitative Insights into Risk Management and Project Success: Evidence from Malaysia's Oil and Gas Sector

The oil and gas sector is a highly competitive and intricate industry, distinguished by the significance and complexity of its undertakings. Initiating and completing projects according to scope, schedule and cost is necessary for oil and gas companies to attain sustainability. This study carefully examines the complex link that exists between risk management practices and techniques and project success in the particular setting of Malaysia's oil and gas industry. This study was based on a quantitative research methodology whereby an online data collection via Google Form questionnaires, were distributed to people working in oil and gas related projects around Malaysia. A total of 120 surveys were sent, and 90completed questionnaires were received, resulting in a response rate of 75%. The data was analysed using multiple regression analysis, descriptive analysis, and Pearson's correlation analysis. To investigate the relationships between the independent variables (risk identification, risk analysis, risk mitigation, risk monitoring, and risk assessment tools) and the dependent variable (project success), all analyses are carried out using the Statistical Package for Social Science (SPSS). The regression analysis results indicate that only risk analysis, risk mitigation, and risk assessment tools have a statistically significant positive effect on project success. On the contrary, correlations analysis between the project success and risk identification, risk analysis, risk mitigation, risk monitoring and risk assessment tool show positive results, indicating that the project success does have strong correlation with all the independent variables.