The objective of this study is to develop a risk assessment model for accessing the risk of any pipeline failure event with consideration of the accurance likelihood and the severity of the failure. The developed model shall be able to identify the probable failures at any location of pipeline system, the failure causes and the failure impacts. It is also able to evaluate the probability and severity of the failures events. Besides that, able to evaluate the value of risk for oil and gas pipeline considering two major parameters; probability of failure and financial consequences. Then it able to rank the failure events accordingly with regards to the risk values calculated and priorotize pipeline components to be maintained and repaired. The study also able to provide sufficient information that will allow accurate implementation of risk mitigation approach as well as leading to any corrective action that could ensure reliability and availability of pipeline system in a long term.