The economic growth of Bangladesh largely depends on the petroleum industry. The most important part of petroleum industry is the production system. However, accident is a common scenario in the petroleum industry. In fact, several risks may be involved during the drilling, production, and transportation phase of this industry. In the case of comprehension, these risks associated at an early stage may acquire the appropriate measures aligned to them. This study investigates personnel perceptions about risk and safety involved in production system of the petroleum industry. To perform this research, the data were collected from three fields Kailashtila, Haripur & MSTE Plant operated by Sylhet Gas Fields Limited (SFGL), Bangladesh. The collected data were analyzed by IBM SPSS 20. The frequency analysis performed and risk matrix generated in this study. The Frequency analysis shows that the overall safety situations. Moreover, the results of the risk matrix pointed out the risk level as low, medium or high. At the end of study, based on the implicit risks, the necessary measures are recommended for the future security of the industry.