Maintenance department within petroleum industry seek to increase equipment safety by means of reducing the occurrence of the failure and its undesirable consequences. In this study, a risk assessment model is proposed, which includes the likelihood of the risk and the consequences of failure. A new mathematical equation is proposed to assess the likelihood of risk and identify the optimum inspection interval. In addition, modified mathematical equation to evaluate consequences of risk which allow more generalization and accuracy of weighing the possible losses (performance, financial, ecology and human) is developed. The results demonstrate an improvement at the assessment of the probability of risk and provide better understanding of the impact of the risk on the major identified areas within the petroleum industry.
