Oil and gas exploration is known to be highly risky and cost-intensive projects that require capital investment decisions that are evaluated all the way from initiation of upstream explorations through midstream and downstream activities (Inkpen and Moffett, 2011). Risks in a project are an uncertain occurrence that can have a negative or positive impact (i.e. opportunities and threats) on ‘project objectives.’ The risk in a project also includes proactive management of all stakeholders involved that can have an impact on these goals, positively or negatively (PMBOK® Guide, 2013).