Introduction
Can you predict the oil price today, tomorrow, or next year? Uncertainty and risk are inherent in the hydrocarbon industry, thus evaluating and quantifying uncertainties and risks associated with a course of action is a vital step in the petroleum business. This is especially critical as oil and gas production is capital-intensive with high operating costs, and the decisions made today last for decades with long-lived assets.
This Economics of Oil and Gas Production training course highlights economic and uncertainty analysis applied to oil and gas projects to facilitate informed decision-making and foster long-term business resilience for complex systems and projects. Applications for screening and evaluation are studied in detail.
This GLOMACS Economics of Oil and Gas Production training course will highlight:
- Decision & Risk Analysis for Oil & Gas
- Economic Concepts in the Petroleum Industry
- Modeling Uncertainty for Hydrocarbon Projects
- Bayesian Thinking and Decision Tree Framework
- Economic Evaluation of Unconventional Resources
Objectives
At the end of this Economics of Oil and Gas Production training course, you will learn to:
- Facilitate high-quality decisions under uncertainty
- Recognize the sources of uncertainty in the hydrocarbon business
- Apply effective modeling frameworks for quantitative analysis
- Develop data to knowledge to action resiliency
- Compare alternatives from operational performance and economical perspectives
Training Methodology
This is a high-level Economics of Oil and Gas Production training course with engineering and project economics principles interwoven in. The training course provides an overview of economic concepts and petroleum resources management to leverage complex, sequential decision-making. Delegates attending this Economics of Oil and Gas Production training course will learn and apply techniques and workflows to solve economic exercises using software-based and manual methods.
Also, the delegates will have exposure to real-world case studies from multiple fields the world over. Some of the case studies will be presented and handed to delegates as a class activity to evaluate the case, identify risks and propose optimization measures. Furthermore, the delegates will complete projects with the objective of evaluating hydrocarbon resources performance and economic value under uncertainty.
Organisational Impact
Decision made in the oil and gas industry last for decades. For this reason, multi-agent decision-making frameworks are the need of the hour. This Economics of Oil and Gas Production training course will guide participants to evaluate complex economic options and construct decision trees to streamline high-quality decision processes across the organization.
Personal Impact
Delegates in this Economics of Oil and Gas Production training course, through lectures, presentations, and cases, will develop critical skills to become more effective members and leaders of oil and gas project assessment and deployment. Training participants will practice a variety of relevant techniques, including Monte Carlo simulation, decision tree framework and Bayesian thinking.
Through exercises and case studies, participants will appreciate the value of reliable modeling to enable long-term business resilience.
Who should Attend?
This GLOMACS 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
- Geo scientists
- Regulatory, Security and Political Authorities
- Merger & Acquisition
- Project Management
