Offshore production facilities face significant risks related to fire and explosion, with serious consequences for personnel and the environment. The SIPROD (Simultaneous Production and Drilling) system is designed to identify, assess, and manage risks associated with hydrocarbon releases during offshore operations by evaluating hazards. This study aims to reduce the likelihood and severity of fire and explosion incidents in SIPROD activities through systematic analysis of failure scenarios and the application of targeted risk management strategies. The analysis focuses on three critical phases of offshore operations: the Preparation Phase, Rig-Up Phase, and Rig-Down Phase. The Preparation Phase carries the highest risk due to complex operations, including equipment installation, system testing, and handling of hazardous materials. These tasks involve a concentration of flammable substances and critical equipment that increases vulnerability. Two methodologies were employed: Area Segregation and Process Sectionalization, along with Event Tree Analysis (ETA). Area Segregation involves dividing the platform into isolatable zones to contain hydrocarbon releases and prevent escalation. Shutdown Valves (SDVs) and Double Block and Bleed Valves (DBBVs) enable isolation of affected areas and support emergency response. Event Tree Analysis models escalation scenarios, including jet fires and vapor cloud explosions, and evaluates the performance of safety barriers. The integration of Area Segregation and ETA provides a structured framework for managing risks related to fire and explosion. This study presents practical recommendations to enhance safety in SIPROD operations through improved system design, isolation practices, and continuous monitoring.