The blowout preventer (BOP) plays a vital role in preventing the uncontrolled release of oil and gas during drilling and exploration, thereby ensuring operational safety. To evaluate accidents related to BOPs in Europe, a study was conducted using Failure Modes and Effects Analysis (FMEA) on the BOP stack. The study identified and analyzed six critical components in the BOP stack, including annular, blind ram shear (BRS), casing ram shear (CRS), pipe and test ram, choke and kill valves, and connectors. These components are tightly connected and form a unified and fully functional BOP stack. The BOP stack is responsible for controlling downhole pressure by sealing the drill pipe to prevent uncontrolled fluid release and regulating fluid flow during operations. Additionally, it provides an additional layer of safety by quickly and effectively cutting the drill pipe or well casing to contain and control an explosion emergency. Each component has ten (10) failure mechanisms that can cause accidents in the industry. The study found that mechanical, clogging, vibration, and hydrogen embrittlement failures were the most common reasons for failure mode codes (F1 to F10). Most of the outages were due to offshore oil and gas drilling systems. Corrosion and erosion, thermal fatigue, wear, performance, and internal and external failures were other critical failure mechanisms that significantly affected the system's operation. The analysis of risk priority numbers (RPNs) before and after the intervention for the assessment of the effectiveness of safety measures for the BOP stack, will provide valuable insights to empower industry experts in making informed decisions to mitigate the risk of well blowouts and releases in exploration, development, and production.