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 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 Economics of Oil and Gas Production training course will highlight:
At the end of this Economics of Oil and Gas Production training course, you will learn to:
This PetroKnowledge 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:
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 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 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 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.
We offer a variety of tailored training options, customized to meet your organisation's needs. Delivered anytime, anywhere, we make it easy to bring expert training directly to your team.
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