Oil and gas companies face several major risks, including:nn1. Political risks: Changes in government policies, regulations, or geopolitical instability.n2. Geological risks: Exploration and production uncertainties, such as finding and extracting oil reserves.n3. Price risks: Volatility in oil and gas prices, influenced by global supply and demand dynamics.n4. Supply and demand risks: Changes in market conditions and competition.n5. Cost risks: Fluctuations in operational and production costs.nnUnderstanding and mitigating these risks is crucial for the long-term success and profitability of oil and gas companies.