In the petroleum industry, equipments must be maintained properly to meet the adequate reliability standards in order to achieve the desired business goals in terms of productivity, safety and environmental protection. This article offers a new approach focused on risk analysis to select a better maintenance strategy. The proposed approach consists of three stages. In the first step, we identify the accident scenarios that could lead to the loss of production and damage to the environment. In the second step, we estimate the frequency of occurrence of these scenarios. In the third step, we calculate the economic losses and environmental taxes. Finally, an appropriate maintenance strategy is proposed, taking into account the evaluation results obtained by the previous steps. A case study illustrates the proposed approach and shows that the latter constitutes an important decision support tool to improve the existing maintenance strategy to comply with regulations and standards in term of productivity, reduction of costs and environmental protection.