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AbstractManagers of exploration and production (E&P) projects and operations are often required to make decisions based on a variety of factors including but not limited to safety, finance, security, and company reputation. Often these factors are hard to quantify or may be in direct conflict with each other. Therefore, it is critical that decision makers utilize an approach to assessing risks associated with each factor in a consistent and defensible manner. The selected approach needs to be robust enough to sufficiently quantify the risk, but simple enough to allow for ease of use and interpretation of results. In this paper, we present several approaches by which risk criteria can be defined and then present resulting risk profiles for E&P operations in developing nations, thereby increasing the number of tools available to those faced with making such business decisions.