This study examines the different risk assessment methods used in the oil and gas industry, recognizing that these approaches must be specific to effectively address complex challenges. The research encompasses qualitative, quantitative, and semi-quantitative techniques that reflect differing scopes and limitations. Key issues such as data uncertainties, dynamic risks, and interconnected systems are explored with emphasis on understanding their unique difficulties. The combined results of this analysis provide valuable guidance for those involved in the industry including policymakers. It outlines effective strategies for managing risks while promoting sustainability within energy operations by proposing innovative solutions like incorporating emerging technologies into risk management processes or enhancing existing data practices. In conclusion embracing forward-looking methodologies will enable professionals to better manage future threats which can lead towards safer more responsible energy exploration globally across industries despite adversity making it essential for everyone involved.