Modeling the Influence of Integrated Risk Management Practices on Sustainable Project Success in Oil and Gas Megaprojects

Abstract

This study models the influence of four integrated risk management practices risk identification, risk assessment, risk mitigation, and risk monitoring and control on sustainable project success in oil and gas megaprojects. Using survey data collected from over 200 project managers and engineers employed by multinational companies operating in Pakistan, and applying Partial Least Squares Structural Equation Modeling (PLS-SEM) in SmartPLS, the study finds that all four dimensions of risk management exert a statistically significant, positive effect on sustainable project success, collectively explaining 52.5% of the variance in the outcome construct. Risk assessment emerged as the strongest predictor (β = 0.401), followed by risk monitoring and control (β = 0.327), risk mitigation (β = 0.228), and risk identification (β = 0.143). The findings extend integrated risk management theory into the sustainability domain and offer practical guidance for project sponsors and risk managers seeking to improve megaproject delivery in high-risk, resource-constrained operating environments.