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An Intensive 2-Week Training Course

The 10-Day Advanced Project Economics
& Performance Management
for Oil & Gas Professionals

Managing Uncertainty and Value-driven Metrics to Improve Project Performance

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Home » Courses » Project & Construction Management » The 10-Day Advanced Project Economics & Performance Management for Oil & Gas Professionals
Code Date Venue Fee($)
PM140 23 Jul - 03 Aug 2018 London - UK 11,000

*All fees are exclusive of VAT


Why Choose this Training Course?

This PetroKnowledge training course addresses the need for professionals in the Oil & Gas industry to manage and control projects. An in-depth treatment of project uncertainty enables delegates to tackle the economic challenges facing the petroleum industry and use effective risk planning and management techniques to support effective decision-making. This ability to control projects is further enhanced  through the establishment of effective project governance systems to establish key performance indicators and measure project progress.

Key highlights of this training course are:

  • Identification of the stages required in the risk analysis process, i.e., preparing, modeling, and running risk analysis.
  • Development of the risk model, assessing probabilities to various variables, risk analysis, and explore the impact of uncertain variables.
  • Enable the participants to perform quantitative risk management techniques and conduct data-driven decision-making using probabilistic profitability indicators.
  • Exploration of the concept of value and value-driven project management
  • Definition of key performance indicators, metrics and reporting dashboards
  • Examination of effective governance mechanisms to support planning, execution (change) and performance management
  • Application of core planning techniques

The Structure

This comprehensive training course consists of two modules which can be booked as a 2-week Training event, or as individual, 5 Day courses.

Module 1 - Advanced Oil & Gas Project Economics, Risk & Decision Analysis

Module 2 - Project Performance Measurement and Management


Training Objectives click here

What are the Goals?

By the end of this training course, participants will be able to:

  • Appreciate attitudes to uncertainty and apply decision tree analysis and other risk management techniques
  • Gain skills in the application of specific risk management simulation software package
  • Conduct an economic study on petroleum related projects
  • Use economic terms and concepts applied in the oil & gas industry to select appropriate projects
  • Create Key Performance Indicators & establish additional metrics to measure the increasingly complex nature of modern projects
  • Compose effective dashboards and scorecards to report project performance
  • Apply generally accepted project management techniques to establish and control an integrated project plan baseline

Target Audience click here

Who is this Training Course for?

This PetroKnowledge training course is suitable to a wide range of professionals but will greatly benefit:

  • Planning managers
  • Oil & gas engineers
  • Project managers
  • Analysts
  • Commercial managers
  • Economists
  • Government officials
  • Geologists
  • Business advisors
  • Asset managers
  • E&P managers
  • Other key members of oil & gas project teams

Training Methods click here

How will this Training Course be Presented?

The training course uses a range of approaches to learning, including experiential group activities, individual exercises, mini-case studies, and computer work using PCs to apply risk management approaches. A key part of the learning process is sharing the differing experiences participants bring, as well as experimenting with novel – and sometimes challenging – techniques.

Daily Agenda click here

Module 1 - Advanced Oil & Gas Project Economics, Risk & Decision Analysis

Day One: Development Economics

  • A Brief History of Energy Usage
  • Principles of Development Economics
  • Understanding of Economic terms
  • Inflation and its impact on Nominal & Real Cash Flows
  • Project Financing

Day Two: Uncertainty in Investments

  • Handling uncertainty in Capital Projects
  • Understanding Probability Concepts
  • The expected Value Concept: Features and pitfalls
    • Expected monetary value (EMV)
    • Expected profitability index (EPI)
    • Expected opportunity loss (EOL)

Day Three: Risks and Uncertainties

  • Risk & Uncertainty
  • Risk eversion and risk premium
  • Exploration project threats and opportunities
  • Economic decision criteria
  • Decision Tree Analysis
  • Probability Distribution
  • Case study: Monte Carlo Simulation

Day Four: Setting up Spreadsheet Calculations Using Excel

  • Spreadsheet Calculations
    • Cash Flow Analysis
    • Sensitivity analysis calculations
    • Tornado Diagrams
  • Introduction to Monte Carlo Simulations using @Risk
  • Class exercises: Setting up an oil field Project

Day Five: Practical use of the @Risk add-on: Oil Field Development Model

  • Developing an Integrated Economic Model of an Oil Field Development
  • Developing and using an @Risk model analysis
  • Project sensitivity analysis utilizing data from @Risk model
  • Course final review and close

Module 2- Project Performance Measurement and Management

Day Six: Understanding Project Success and Failure

  • Characteristics of projects
  • Fundamentals of project management
  • Starting a project - the charter
  • Starting a project - the team

Day Seven: Value-Driven Project Management

  • Value modelling and value metrics
  • Metric characteristics, selection, training and management
  • Project Scope planning - work breakdown structures
  • Schedule planning -build and optimize project timeline
  • Cost planning - estimation and construction of the project budget

Day Eight: Monitoring Performance through Effective Planning and Reporting Techniques

  • Controlling uncertainty - risk management
  • Controlling stakeholders - communications considerations
  • Key Performance Indicators
  • Status reports and project dashboards

Day Nine: Monitoring and Controlling Project Performance

  • Variance analysis using Earned value management
  • Forecasting to control project budgetary and schedule concerns
  • Managing change
  • Advanced status reporting techniques

Day Ten: Stakeholder Management

  • Issues management
  • Scope verification - requirements traceability
  • Management of project records
  • Problem-solving: identification, analysis and generation of solutions.
  • Decision-making tools and techniques

Related Courses click here


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VAT Announcement: The Government of UAE have introduced Value Added Tax (VAT) on goods and services from 01-January-2018. In compliance with the legislation issued by the UAE Government, we will be applying a 5% VAT on the fees for all our programs and services offered from January 2018 as applicable and stipulated in the FTA circulars.

PetroKnowledge Training


The 10-Day Advanced Project Economics
& Performance Management
for Oil & Gas Professionals

Managing Uncertainty and Value-driven Metrics to Improve Project Performance


Code Date Venue Fees
PM140 23 Jul - 03 Aug 2018 London - UK $11,000



Why Choose this Training Course?

This PetroKnowledge training course addresses the need for professionals in the Oil & Gas industry to manage and control projects. An in-depth treatment of project uncertainty enables delegates to tackle the economic challenges facing the petroleum industry and use effective risk planning and management techniques to support effective decision-making. This ability to control projects is further enhanced  through the establishment of effective project governance systems to establish key performance indicators and measure project progress.

Key highlights of this training course are:

The Structure

This comprehensive training course consists of two modules which can be booked as a 2-week Training event, or as individual, 5 Day courses.

Module 1 - Advanced Oil & Gas Project Economics, Risk & Decision Analysis

Module 2 - Project Performance Measurement and Management


Training Objectives

What are the Goals?

By the end of this training course, participants will be able to:

Target Audience

Who is this Training Course for?

This PetroKnowledge training course is suitable to a wide range of professionals but will greatly benefit:

Training Methods

How will this Training Course be Presented?

The training course uses a range of approaches to learning, including experiential group activities, individual exercises, mini-case studies, and computer work using PCs to apply risk management approaches. A key part of the learning process is sharing the differing experiences participants bring, as well as experimenting with novel – and sometimes challenging – techniques.

Daily Agenda

Module 1 - Advanced Oil & Gas Project Economics, Risk & Decision Analysis

Day One: Development Economics

Day Two: Uncertainty in Investments

Day Three: Risks and Uncertainties

Day Four: Setting up Spreadsheet Calculations Using Excel

Day Five: Practical use of the @Risk add-on: Oil Field Development Model

Module 2- Project Performance Measurement and Management

Day Six: Understanding Project Success and Failure

Day Seven: Value-Driven Project Management

Day Eight: Monitoring Performance through Effective Planning and Reporting Techniques

Day Nine: Monitoring and Controlling Project Performance

Day Ten: Stakeholder Management

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© 2018. Material published by Petroknowledge shown here is copyrighted.

All rights reserved. Any unauthorized copying, distribution, use, dissemination, downloading, storing (in any medium), transmission, reproduction or reliance in whole or any part of this course outline is prohibited and will constitute an infringement of copyright.


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Institute of Leadership & Management
Institute of Marine Engineering, Science and Technology
 Maintenance & Reliability Professionals
Energy Institute
merican Society for Nondestructive Testing
American Welding Society
Project Management Institute
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