|PB130||08 - 12 Aug 2021||Dubai - UAE||4,950|
|PB130||19 - 23 Dec 2021||Dubai - UAE||4,950|
*All fees are exclusive of VAT
Why Choose this Training Course?
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 PetroKnowledge training course highlights economic and uncertainty analysis as 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 PetroKnowledge 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
What are the Goals?
At the end of this PetroKnowledge 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
Who is this Training Course for?
This workshop 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
- Regulatory, Security and Political Authorities
- Merger & Acquisition
- Project Management
How will this Training Course be Presented?
This is a high-level 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 PetroKnowledge 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.
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 PetroKnowledge training course will guide participants to evaluate complex economic options and construct decision trees to streamline high-quality decision processes across the organization.
Delegates in this PetroKnowledge 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.
Day One: Economic Principles
- 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
- On successful completion of this training course, PetroKnowledge Certificate will be awarded to the delegates