The lecture takes it starting point from some of the challenges and provides a brief history of the use of risk-informed management of major hazard risks in worldwide offshore petroleum sector. Some of the main trends over the last 40 years are outlined, and the main characteristics of the risk-informed goal-setting regulative regime are discussed in a lifecycle perspective. Ethics in risk assessment is introduced and modelling principles and challenges are outlined. The use of risk assessment in order to avoid major accidents like the Macondo blowout is discussed, followed by a brief outline of barrier management, including the use of dynamically positioned vessels. Finally, some of the challenges for future production concepts are outlined, followed by a brief summary of conclusions.