Data and Decision Analysis in Petroleum Industry

The petroleum industry must constantly face new challenges. Oil and gas companies should create value with uncertain prices, technical and environmental obstacles, and increasingly hard-to-find resources in a complex global trade system.  In this this PetroKnowledge training course, we discuss the art and science of decision making in modern petroleum organizations with an emphasis on methods, data analytics, and human aspects. The PetroKnowledge course covers applications from oil and gas exploration and production to midstream and downstream projects.

For an effective learning experiences, we use Microsoft Excel, and to some extent, Spreadsheet simulation software.

This PetroKnowledge training course will highlight:

• The value chain in petroleum industry and their data analysis needs
• decision making processes and tools
• Human biases in decision making
• The role of information, statistics, and modern analytics in decision making
• Applications in exploration, development, production, and transportation of petroleum

We aim to enhance participants’ understanding of decision making by focusing on data, methods, and behavioral aspects. We explore the role of intuitive versus analytical reasoning in decision-making. We will also discuss how sound approaches to decision-making can influence sustained development and innovation in the petroleum business.

At the end of this PetroKnowledge training course, you will:

• Understand the importance of good decision making in petroleum business
• Understand the relationship between data, uncertainty, and the concept of risk
• Gain skills in effective formulation of analytics
• Understand the human biases and their effect on decisions
• Learn about industry best practice and their real-world implementations

This PetroKnowledge training course is useful for analysts, engineers, and managers involved in the data gathering, processing, interpretations, and supporting decisions. In short, all of us.

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

• Technical staff interested in data and decision analysis
• Executives interested in gaining in-depth knowledge of analysis and how they support decisions
• Practitioners that work with data
• Researchers and practitioners who aim to broaden their knowledge of analytics and decision making

We use a series of lectures and discussions to present the concepts and material. Analytics are valuable only when they affect the decisions, therefore, in addition to the lectures we also undertake computer modeling and analysis. We use MS Excel, its statistical package, and its optimization add-in called Solver.

To support the lectures, we will also supply the participants with a series of videos, course slides, and supplementary reading material helping the learning process.

Improving analysis and decision-making skills creates value for organizations. In essence, the only function of any organization is making business decisions. This course prepares individuals for the challenges of real world-decisions, from highly uncertain, data-scarce situations to information-rich environments.

This PetroKnowledge training course trains individuals that:

• Increase the capabilities of organizations by generating insights from data
• Possess knowledge and skills of dealing with uncertainty
• Open doors to value creating opportunities

In general, more informed analysis leads to more informed decision making. The set of skills that this PetroKnowledge training course offers prepares individuals for a more effective role within the organization. This PetroKnowledge training course:

• Prepares individuals for a role with wider perspective
• Gives participants a more informed frame of mind
• Supports their existing knowledge and skill set by improving their analytical capabilities
• Enables participants to analyze complex decisions and generate insights
• Promotes personal skills in valuation and effective decision making