Abstract Long term operational flaring leads to significant loss of gas resources, impact environmental air quality, as well as affect the organization's reputation. Global benchmarks indicate that operational flaring can lead to losses of more than 2% of total oil and gas production. The objective of this study is to present an innovative decision making framework and best practice tool that enables robust cost-benefit risk analysis to be conducted for reduction of long term operational Flaring. In this study, a state of art, user friendly assessment tool is developed to demonstrate that Flaring risk is reduced to As Low As Reasonably Practical (ALARP). This tool brings greater visibility and ownership of flaring performance by applying a consistent, value based decision making framework for operational flaring events. The framework includes process for derogation, evaluation and investigation of flaring events, taking into account the economic and environmental costs of flaring by monetizing actions such as taking a decision to defer oil production in order to avoid flaring or alternatively taking a decision to flare to maintain production. The successful roll out of a consistent derogation process through the decision making framework and tool brings management visibility of the cumulative economic and environmental implications of short and long term operational flaring events. This shared understanding in the organization of the decision criteria and thresholds, in longer term leads to significant quantitative reduction in flaring volumes. Secondly, the methodology provides an auditable demonstration of management of Flaring risk to company's internal and external stakeholders. Additionally, the information gathered from the derogation framework leads to the identification of corrective operability or reliability measures needed to address repetitive non-routine flaring events that will help in continuously driving improvement in longer term greenhouse gas intensity performance and gas conservation priorities.