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Oil and gas well drilling activities are associated with numerous hazards which have the potential to cause injury or harm for people, property and the environment. These hazards are also a threat for the reputation of drilling companies. To prevent accidents and undesired events in drilling operations it is essential to identify, evaluate, assess and control the attendant risks. In this work, a structured methodology is proposed for risk assessment of drilling activities. A case study is performed to identify, analyze and assess the risks arising from human factors in one of the on shore drilling sites in southern Iran. A total of 17 major hazards were identified and analyzed using the proposed methodology. The results showed that the residual risks of 100% of these hazards were in the acceptable or transitional zone, and their levels were expected to be lowered further by proper controls. This structured methodology may also be used in other drilling sites and companies for assessing the risks.