Objectives/Scope: The objective of this conference is to better raise awareness of the residual risk in projects and taking into consideration a special focus on large or ultra large or Megaprojects We will also try to understand how they can even be a game changer for a whole industry First, we will define it Try to make the audience conscious of what residual risks are its potential impact on project management specially related to Megaprojects On the proposal side we will try to analyse related budgeting and costs challenges We will try to cover the actuality based on examples from our experience, recent event or even the Covid 19 situation Methods, Procedures, Process: Briefly explain your overall approach, including your methods, procedures and process (75-100 words) The primary objective is to highlight the audience and project managers on the importance of Residual Risk Explain what it is (Known Knowns, Known unknowns' unknown knowns, and unknown unknowns) Help the audience to better classify and understand risks and risk models Challenge them if necessary We will be using a case study-based approach with terrain feedback and analysis On the practical side of the intervention it could even evolve with a real time panel approach and interactions with the audience Leading to an interactive session, panel expert's discussion or a longer than normal Question and Answers time Results, Observations, Conclusions: Please describe the results, observations and conclusions of the proposed paper (100-200 words) Projects and very specially Megaprojects often get delayed, costs explode and EPC´s risk liabilities, costs and in the worst case even a default situation and user/owners face delays, costs and huge opportunity costs Covid 19 is the perfect example of a risk that could be defined as a residual one The impact on the execution, planning and existence of projects has been important this year By understanding and defining residual risks we can try to minimize the impact of them specially on Megaprojects Understand the difference between price and cost Budget and define scopes correctly Use industry norms or other best practices and knowledge-based strategies to minimize them Novel/Additive Information: Please explain how this paper will present novel (new) or additive information to the existing body of literature that can be of benefit to and/or add to the state of knowledge in the petroleum industry (25-75 words) This subject has to our knowledge rarely been discussed and the Covid 19 situation makes us all understand the impact of the highly improbable on reality and projects The Petroleum industry could highly benefit by better understanding these risks, defining them in the feed or prefeed phase, review calculations of these risk, understanding actual existing weapons against them, like normalization, innovation and best practice exchanges and specially try to foresee them or at least implement mitigation strategies © 2020, Society of Petroleum Engineers