Construction projects in the oil and gas industry are highly complex and vulnerable to significant delays due to various interconnected risk factors, including unstable financial conditions, poor project coordination, inefficient resource management, and unpredictable external factors. Evaluating the critical reconstruction of Substation 24 (SS 24) the main electrical supply facility supporting vital plant operations, this strategic study comprehensively identified specific risk factors delaying construction, analyzed their operational impacts, determined the dominant factors, and clarified the underlying delay mechanisms. Primary data were systematically collected through structured questionnaires and in-depth interviews with experienced contractor personnel directly involved in the project layout. The quantitative data were analyzed using SPSS software, which included rigorous validity and reliability tests, Exploratory Factor Analysis (EFA), and multiple linear regression modeling. The statistical results clearly indicated that financial constraints and physical environmental factors were the most dominant contributors to potential project delays. In addition, qualitative interview findings revealed that material procurement delays, poor coordination among key stakeholders, and unpredictable field conditions severely disrupted the planned sequence of construction activities, leading to further cascading delays. To mitigate these specific substation construction bottlenecks, project management must implement a real-time supply chain tracking system for critical electrical components to prevent procurement delays. Furthermore, addressing the dominant financial and environmental risks requires establishing a project-specific contingency fund and adaptive weather-response scheduling to minimize overruns and safeguard critical power infrastructure deployment.