Can you accurately predict oil prices today, tomorrow, or next year? Uncertainty and risk are inherent to the hydrocarbon industry, making it essential to assess and quantify the uncertainties and risks linked to any course of action. This step is crucial in the petroleum business, especially given the capital-intensive nature of oil and gas production, the high operating costs, and the fact that decisions made today can impact long-lived assets for decades.
This Economics of Oil and Gas Production training course focuses on economic and uncertainty analysis in oil and gas projects, aiming to support informed decision-making and build long-term business resilience for complex systems and projects. Detailed applications for screening and evaluation will be covered.
The Energy Training Centre Economics of Oil and Gas Production training course will focus on:
- Decision and Risk Analysis for Oil & Gas
- Economic Concepts in the Petroleum Industry
- Modeling Uncertainty in Hydrocarbon Projects
- Bayesian Thinking and the Decision Tree Framework
- Economic Evaluation of Unconventional Resources
By the end of this Economics of Oil and Gas Production training course, you will be able to:
- Make high-quality decisions in the face of uncertainty.
- Identify the sources of uncertainty in the hydrocarbon industry.
- Apply robust modeling frameworks for quantitative analysis.
- Transform data into actionable insights to build business resilience.
- Evaluate alternatives from both operational performance and economic viewpoints.
This Economics of Oil and Gas Production training course focuses on economic and uncertainty analysis in oil and gas projects, aiming to support informed decision-making and build long-term business resilience for complex systems and projects. training course integrates engineering principles and project economics. It offers an overview of economic concepts and petroleum resource management, designed to enhance complex, sequential decision-making. Participants will learn and apply various techniques and workflows to solve economic problems using both software-based and manual methods.
Additionally, delegates will gain exposure to real-world case studies from a variety of global fields. Some of these case studies will be provided for class activities, where delegates will assess the cases, identify risks, and propose optimization strategies. Furthermore, delegates will work on projects aimed at evaluating the performance and economic value of hydrocarbon resources under uncertainty.
Decisions in the oil and gas industry have long-lasting impacts, often lasting for decades. As a result, multi-agent decision-making frameworks are essential. This training course will equip participants with the skills to evaluate complex economic options and build decision trees, helping to streamline high-quality decision-making processes throughout the organization.
In this Economics of Oil and Gas Production training course, delegates will develop essential skills to become more effective contributors and leaders in oil and gas project assessment and implementation through lectures, presentations, and case studies. Participants will gain hands-on experience with a range of techniques, including Monte Carlo simulation, decision tree frameworks, and Bayesian thinking.
Through practical exercises and case studies, participants will understand the importance of reliable modeling in fostering long-term business resilience.
This Economics of Oil and Gas Production training course is highly recommended for a wide range of professionals in management, planning, operations, and engineering disciplines. It is specially of great value to:
- Business and Government Leaders
- Energy Professionals
- Professionals working in the field of Economy, Finance, Business Administration, and Investment
- Petroleum Engineering Disciplines
- Geoscientists
- Regulatory, Security and Political Authorities
- Merger & Acquisition
- Project Management
Day One: Economic Principles
- Motivation
- Economic Concepts
- Economic Definitions
- Cash Flow Analysis
- Time Value of Money
Day Two: Hydrocarbon Resources Economic Evaluation
- Petroleum Resources Management System
- Petroleum Reserves
- Return on Investment
- Net Present Value
- Screening and Evaluation of Oil & Gas Projects
Day Three: Modeling and Forecasting
- Building Models from Data
- Reservoir Performance
- Well Production Forecast
- Sensitivity Analysis
- Monte Carlo Simulation
Day Four: Unconventional Resources
- Unconventional Reservoirs
- Rate Forecast
- Economic Value Estimation
- Investment Evaluation Methods
- Bayesian Inference
Day Five: Decision and Uncertainty Analysis
- Sources of Uncertainty
- Risks from Uncertainty
- Decision Tree Construction and Evaluation
- Decision Analysis and Framework
