TX 75083-3836, U.S.A., fax 01-972-952-9435. AbstractIn late 1997 BP Amoco realised that a step change in drilling performance, including HSE performance, was necessary to sustain the future of the Norwegian operation. A review was undertaken to determine what factors contributed to really successful exploration drilling projects. A detailed planning process was developed and underpinned by a set of Ten Principles.The results have been outstanding and exceeded management expectations as regards time, cost and HSE performance -not to mention the technical results of the wells in terms of data acquisition, coring and testing. From a drilling performance standpoint all five exploration wells drilled after introduction of this new process are in either the first or second quartile wells.Identifying, understanding and managing the HSE and financial risks involved in an operation is vital to achieve world class levels of performance. One of the key features of the process is the way risk assessment is seamlessly integrated into the work flow of the project. The paper describes how this is achieved right from the outset of the project and how it continues in increasing detail to completion of the operation. The paper explains the critical stages of the process, the key principles and results. The paper outlines the methodologies applied and how team members are involved.